News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Mobile Payment Volume in China Continues Explosive Growth

Mobile Payment Volume in China Continues Explosive Growth

In just the first 10 months of 2017, mobile transactions in China (online and in-store combined) reached a value of 81 trillion yuan ($12.8 trillion), according to figures released this week by the Chinese government. Just through October, the most recent month available from the Ministry of Industry and Information Technology, Chinese consumers spent more using their mobile devices in 2017 than they did the entire year in 2016 (58.8 trillion yuan, $9.3 trillion).

A surge of spending in online retail, financial and on-demand services like ride sharing has driven the increase. An accelerating number of consumers in rural areas are being equipped for wireless communications, which, along with the proliferation of popular online and social payment options like Alibaba and WeChat Pay, is driving the growth of mobile transactions.

The number of transactions made through non-banking mobile apps from 2013 to 2016 increased from 3.8 billion to more than 97 billion, according to data from the Payment and Clearing Association of China.

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