online news service focusing on China’s mobile payment industry, said to Securities Daily he
expects the run-up of cashless payments will maintain for three to five years until it takes up as much sha
re of consumption as possible, as consumers incrementally wade farther into cashless payments.
Data from PBOC revealed banking financial institutions in 2018 conducted 220.31 billion deals in non-cash paym
ents involving 3,768.67 trillion yuan, a rise of 36.94 percent and 0.23 percent year-on-year respectively.
In the same period non-banking payment institutions, mainly referring to third-party online payment service providers, had 530.61 b
illion deals, surging 85.05 percent, and the transaction volume was 208.07 trillion yuan, up 45.23 percent fro
m the previous year. Mobile payment platforms Alipay and WeChat Pay occupy over 90 percent of market share.
By the end of 2018, a total of 424 commercial banks and 115 payment institutio
ns were connected to a unified clearing platform set up by the Payment and Clearing Association of China, PBOC said.