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China Daily

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Monday, February 19, 2018, 17:30
China's mobile payment volume tops US$12.8t
By Xinhua
Monday, February 19, 2018, 17:30 By Xinhua

This June 27, 2017 photo shows a man walking past a banner advertising the Alipay mobile payment service at a market in Beijing, China. Official data showed China's mobile payments totaled about US$12.77 trillion in first 10 months of 2017. (WANG ZHAO / AFP)

BEIJING – China's mobile payments totaled 81 trillion yuan (about US$12.77 trillion) in first 10 months of 2017, the world's largest volume, official data showed.

Alibaba and Tencent are two major players promoting mobile payments in China. Products from the two internet giants maintain dominance in the industry

The volume was more than the whole of 2016, when it stood at 58.8 trillion yuan, according to the Ministry of Industry and Information Technology.

The country's third-party mobile payment market has continued rapid expansion as cashless transactions gained increasing popularity across the country.

READ MORE: Mobile spending surges

The value of third-party e-payments in China has grown at an annual rate of more than 100 percent since 2015, offering consumers an alternative to bank payment channels at lower transaction costs, global rating agency Moody's said in a report last year.

China is leapfrogging over credit card usage. Mobile payment has made it possible to order food, pay credit card bills, and manage stock accounts at anytime, anywhere, or buy a pancake at a roadside breakfast stall without having to carry a wallet.

ALSO READ: Cash withdrawals fall in China as mobile payments grow

Alibaba and Tencent are two major players promoting mobile payments in China. Products from the two internet giants maintain dominance in the industry.

According to figures released by China Internet Network Information Center, China had 724 million mobile phone users at the end of June 2017. More than 35 percent of them often make mobile payments while 31.8 percent still prefer using cash or credit cards.

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