Volume of cashless payments in China up 32.3% YOY in Q2
Mobile device payments lead the charge to cashless economy
The second quarter saw more than 39.42 trillion yuan paid through mobile devices in China, up 33.84% by value, according to data released by the China’s central bank, reports Caixin.
31.49 trillion yuan of the mobile payments was spent through smartphones scanning QR codes to pay through third-party nonbank service providers. Card transactions by volume and value were up 33.14% and 3.79%, respectively.
While overall value of cashless transactions was up only 1.02% in the period, the volume was up 32.3%, from last year’s Q2 total, reaching 36.90 billion transactions.