The People's Bank of China recently published the general condition of China's payment system for the third quarter of 2019, stating that China's payment system maintained a stable status, the social funds transactions continued to expand, and the payment business volume maintained a stable growth.

During the third quarter of 2019, banks all over China processed 89.76 billion non-cash payment transactions, a year-on-year increase of 54.8%; and the total amount reached CNY926.03 trillion, a year-on-year increase of 0.06%.

At the same time, mobile payment business volume achieved a rapid growth. A total of 59.464 billion electronic payment transactions were processed in the third quarter of 2019, with total amount of CNY612.9 trillion. Among them, mobile payment transactions increased by 61.05% year-on-year to 27.274 billion and the amount increased by 31.52% year-on-year to CNY86.11 trillion.

In addition, statistics showed that non-bank payment institutions processed 191.187 billion online payment transactions, a year-on-year increase of 37.01%, and the total amount was CNY63.99 trillion, a year-on-year increase of 23.04%.

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