Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Mobile payments in China continued fast growth in the second quarter (Q2) of 2018, the central bank data showed.
The country's banks processed 14.92 billion mobile payment transactions in the second quarter, up 73 per cent year on year, according to the People's Bank of China (PBOC).
The value of these transactions totalled 62.88 trillion yuan (9.15 trillion US dollars), up 60 per cent year on year, reports Xinhua.
China's online payment industry has grown quickly in recent years amid growing availability of smartphones.
Online payment transaction value by non-banking institutions totalled 48.29 trillion yuan in Q2, up 53.35 per cent year on year.