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Bankcard use lifts mobile payments
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The increasing use of bankcards has more than tripled the value of mobile payments in China in 2013 from a year ago, the People’s Bank of China said yesterday.
Last year, 16.74 billion transactions involving a total of 9.64 trillion yuan (US$1.59 trillion) were handled, the PBOC said. The value soared 318 percent from that in 2012.
Mobile payment was the fastest growing sector among all electronic payment methods, which also include payments by online and telephone.
The value of online payment rose by 28.9 percent year on year to 1.06 trillion yuan last year, while paying by telephone fell by nearly 9 percent to 4.74 trillion yuan.
The value of non-electronic bankcard transactions, which include cash deposits, cash withdrawals and store purchases, surged 22.28 percent to 423.36 trillion yuan.
A Nielson report said last week that 48 percent of Chinese respondents chose credit card as their favorite payment method while 21 percent opted for debit cards, compared with the global average of 29 percent and 23 percent respectively.
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