China's cashless payments top 4,000 trillion yuan in 2020


BEIJING (Xinhua): The non-cash payments handled by Chinese banks maintained steady expansion in 2020, with mobile payments sustaining growth momentum in previous quarters, data from the central bank showed.

The amount of money involved in non-cash payments, including commercial papers, bank cards and online payment vehicles, totaled 4,013.01 trillion yuan (about US$613.84 trillion) last year, up 6.18 per cent year on year, according to the People's Bank of China.

In the fourth quarter alone, the volume of non-cash payments climbed 10.29 per cent from the previous year to 1,069.33 trillion yuan.

Specifically, mobile payments sustained an upward trend in 2020, with the total volume jumping 24.5 per cent from a year earlier to 432.16 trillion yuan.

Bank card transactions amounted to 888 trillion yuan last year, a yearly increase of 0.18 per cent, according to the central bank.

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China cashless , payment , bank , 2020

   

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