Volume of mobile payments in China exceeded 81 trillion yuan

Beijing. February 22. Silkroadnews - As of October 2017, the volume of mobile payments in China amounted to 81 trillion yuan (about $12.77 trillion), which is the largest volume in the world, the official data shows, CGTN reports.
According to the Ministry of Industry and Information Technology of China, the volume of mobile payments by October 2017 was much higher than for the entire 2016 when it amounted to 58.8 trillion yuan.
The mobile payment market continues to grow rapidly, as non-cash transactions are gaining popularity all over the country.
The annual volume of mobile payments has grown more than 100% since 2015, offering consumers an alternative to traditional bank payments at lower transaction rates.
“Mobile payment has made it possible to order food, pay credit card bills, and manage stock accounts at any time, anywhere, or buy a pancake at a roadside breakfast stall without having to carry a wallet,” the report reads.
Alibaba and Tencent are two major players promoting mobile payments in China. The services of these two Internet giants dominate the industry.
According to data released by China Internet Network Information Center, at the end of June 2017, China had 724 million mobile phone users, more than 35% of whom often make mobile payments, while only 31.8% still prefer to use cash or credit cards.