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China is seeing rapid growth in cashless payments

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A large part consists of electronic payments using payment systems, the most popular being China Alipay and WeChat Pay.

China recorded rapid growth in non-cash payments in the second quarter, with its total volume exceeding 182 trillion US dollars. This was announced yesterday by Xinhua in relation to the Central Bank of China.

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It indicates that the value of non-cash payments using bank cards, electronic payment instruments, commercial paper, credit transfer and other payments reached 1308.8 trillion yuan (about $182.3 trillion), an increase of 12.3% over same period last year.

A large part of non-cash payments with a total transaction value of 842.2 trillion yuan ($117.8 trillion) are electronic payments using payment systems, especially the most popular in China, Alipay and WeChat Pay.

Mobile payments grew the fastest in Q2, up 14.3% year-on-year or 139 trillion yuan ($19.4 trillion).

The volume of bank card transactions during the same period rose 11.4% year-on-year to 271.8 trillion yuan ($38 trillion).

It can be remembered that US President Joe Biden called China a “time bomb” because of the country’s economic problems.

Biden signs executive order to limit US investment in China

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Source: korrespondent

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