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China's non-cash payments report sound growth in Q2

Xinhua | September 4, 2023


A tourist pays for flowers via QR code scanning at a flower demonstration point in Bailidujuan administrative area in Bijie, southwest China's Guizhou Province, March 28, 2023. (Xinhua/Yang Wenbin)

Non-cash payments handled by Chinese banks continued sound growth in the second quarter of 2023, data from the central bank showed.

Non-cash payments via bank cards, electronic payment vehicles, commercial papers, credit transfers and other settlements hit 1308.83 trillion yuan (about 182.32 trillion U.S. dollars) during the period, up 12.28 percent year on year, according to a report from the People's Bank of China.↳

Electronic payments took the lion's share of non-cash payments, with a total transaction value of 842.19 trillion yuan, said the report.↳

A closer look at data for electronic payment vehicles showed that mobile payments expanded 14.29 percent compared with the same period last year to 138.96 trillion yuan.↳

Bank card transactions also went up in the second quarter, increasing by 11.35 percent year on year to 271.76 trillion yuan, the data revealed.