The value of mobile payments in China jumped by over 317% from 2012 to renminbi (RMB) 9.64 trillion (US$1.58 trillion)
reported, citing data released by People’s Bank of China (PBOC). The number of mobile transactions in China climbed nearly 213% to 1.67bn as more consumers in the country used their devices to make purchases, even though mobile payments accounted for no more than 3% of the country’s overall non-cash transactions last year.
Mobile payments were the fastest growing of all e-payment methods recorded by the central bank last year, which include online payments via computers and telephone payments. Compared to mobile payments, the value of e-payment transactions in total increased by only 29.46% to RMB1,075 trillion ($177 trillion) in 2013. All non-cash payments in China, which include debit and credit card transactions, grew 21.92% year-on-year to 50.16bn and generated RMB607.56 trillion.
The increased uptake of mobile payments in China was helped by internet giant Tencent rolling out an update to its mobile messaging app Weixin (known as WeChat outside China) that incorporated payments.
Last month, Chinese e-commerce giant Alibaba integrated its payments service with China’s version of Twitter, Sina Weibo, so users can connect their Alipay accounts with their Weibo accounts and buy items without having to log in.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more