The amount of non-cash payments in China continued to rise during the fourth quarter of 2018, according to a report by the central bank.
The amount of money involved in such payments in the period in question, including commercial papers, bank cards and other payment instruments, was 960,89 trillion yuan ($143,41 trillion), up 0,33 percent from a year ago, the People's Bank of China said.
Smartphone payments continued to gain popularity among Chinese consumers. Banks and financial institutions transacted 78,22 trillion yuan in these payments, up 45,47 percent year on year.
When eating out or shopping, it is now common for Chinese people to pay by scanning a QR code at the restaurant table or by showing a similar code on their mobile phones to the restaurant staff.
The report also showed that online payment remained prevalent in the fourth quarter, with the total amount reaching 507,91 trillion yuan. Transactions of non-bank payment instruments amounted to 56,63 trillion yuan, up 22,26 percent from the last quarter of 2017.
Source: Xinhua
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