Retail consumption remains a key driver of economic growth in China, with an increasing number of consumers turning to their smartphones and apps to purchase goods and services. Digital payments are on the rise, with technology companies and other non-banks disrupting the retail industry by offering secure and easy-to-use e-wallets and payment solutions to their users.
According to data from the People’s Bank of China, the value of mobile payments in China hit RMB 277.4 trillion in 2018, an increase of 36.7 percent from the previous year and more than 12 times the total value recorded in 2014. Meanwhile, the transaction volume of mobile payments in China increased by 61 percent year on year to 60.5 billion in 2018. Data from the first quarter of 2019 indicates that this upward trend is set to continue throughout the year.
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