Chinese banks report 73% growth in mobile payment transactions

Mobile payment on fast growth in China — Xinhua — “The country’s banks processed 14.92bn mobile payment transactions in Q2, up 73% year on year, according to the People’s Bank of China. The value of these transactions totalled 62.88tn yuan (US$9.15tn), up 60% year on year… Online payment transaction value by non-banking institutions totalled 48.29tn yuan in Q2, up 53.35% year on year.”



Chinese banks report strong growth in bank card usage

China has over 7bn bank cards — Xinhua — “China had issued 7.03bn bank cards by the end of 2017, meaning each Chinese person has about five cards on average… Last year, the number of transactions via bank cards rose 29.4% to 149bn, with a total of 735 trillion yuan (about US$113tn) swiped from bank cards. Consumption via bank cards accounted for 48.7% in China’s total retail sales of consumer goods.”


Chinese banks report growth in mobile payments volumes

Chinese banks post robust growth in mobile payments — Xinhua — “Chinese banks posted robust growth in mobile payments in the first quarter of this year, according to the People’s Bank of China (PBOC). Banking institutions handled 70.8 trillion yuan (US$11.1tn) in mobile payments in the period, up 16.8% year on year, the central bank data showed. Around 10.7bn payments were made through the banks’ mobile services in the first quarter, an increase of 17.8% year on year.”




768m Chinese used WeChat to send a red packet money gift this New Year

WeChat red packet users record new high during lunar New Year holiday — Xinhua — “About 768 million people used the service during the holiday, rising 10% compared with last year’s holiday… Someone from the east Chinese city of Nanchang was the luckiest user, receiving 3,429 red packets, while one generous user from west China’s Chongqing Municipality gave 2,723 red packets.”


China’s central bank to begin testing QR code payments registration and settlement regulations from April

China’s central bank to standardize QR code payment — Xinhua — “The People’s Bank of China (PBOC) announced plans Wednesday to regulate QR code payment to contain risks arising from the popular service. Payment institutions must obtain proper permits to offer barcode-based payment services, according to a document released by the PBOC. Both banks and non-banking payment institutions must channel cross-bank transactions involving barcodes through the clearing system of the PBOC or other legal clearing houses… The standards will be put into trial use from April.”





Alibaba’s self-service Tao Cafe takes e-shopping offline

Alibaba’s self-service Tao Cafe takes e-shopping offline — Xinhua — “Entry into Tao Cafe in Hangzhou, capital of east China’s Zhejiang Province, is through ticket gates similar to those at subway stations, however, customers scan their smart phones instead of tickets… The 200-square-meter store offering beverages, fast food and snacks can accommodate 50 customers at a time. To enter and make a purchase, shoppers require only a smart phone with Alibaba’s Taobao ecommerce app.”






Feed for stories about Xinhua News Agency.