China mobile payments continue to rise and offer more benefits

Updated 2017-09-06 15:00:43 CGTN

As the cashless transaction tool, mobile payments are gaining popularity in China, central bank data showed on Tuesday.

According to a report released by China's central bank, the People's Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in Q2, up 40.5 percent from a year ago. The combined value of mobile payments jumped from 33.8 percent to 39.24 trillion yuan (6 trillion US dollar).

Online transactions through non-bank payment platforms came in at 31.49 trillion yuan, rising 34.9 percent from the same period last year.

In April, Alibaba's financial affiliate Ant Financial said it planned to spend six billion yuan in the next two years to push forward the drive. Following up Alibaba Yu'e Bao's footsteps, Tencent also test its new service, Lingqiantong, on WeChat Monday to allow users to earn interest from their WeChat balances.

Lingqiantong allows users to earn interest off their WeChat balances, Tencent told CGTN, and it gives WeChat users "more incentive to put money, or alternatively, keep money on the platform".

The rapid growth came as Chinese mobile payment giants have developed user-friendly platforms such as Ali Pay, WeChat Pay to encourage cashless transactions.

According to a report jointly produced by Tencent, the Chongyang Institute for Financial Studies at Renmin University of China, and French market research firm Ipsos, 84 percent of Chinese said they are "comfortable" going out with only smart phones, no cash.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 21 2017 23:52:58

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 21 2017 23:52:58

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 21 2017 23:52:58

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords