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Mobile payments rise 318 percent last year in China
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MOBILE payment values in China grew by 318 percent in 2013 from the previous year along with increasing use of bank cards, the People’s Bank of China said today.
The financial system handled 16.74 billion mobile transactions involving a total 9.64 trillion yuan (US$1.6 trillion), the central bank said.
Mobile payments constituted the fastest growing sector among all electronic payment methods. Other electronic payments include online payments on computers and telephone payments.
The value of online payment via computers rose by 28.9 percent year on year to 1,061 trillion yuan last year, while telephone payments declined by nearly 9 percent to 4.74 trillion yuan.
Meanwhile, the value of “non-electronic” bank card transactions, which included cash deposits, cash withdrawals and store purchases, rose by 22.28 percent to 423.36 trillion yuan.
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