China mobile payments maintain rapid growth in Q3

BEIJING - China's mobile payments continued fast growth in the third quarter of 2019, showed data from the central bank.

Banks in the country processed 27.27 billion mobile payment transactions in the period, up 61.05 percent year-on-year, said the People's Bank of China in a report.

Value of these transactions increased by 31.52 percent from the same period of last year to 86.11 trillion yuan ($12.2 trillion).

Meanwhile, online payment transactions by the non-banking institutions were valued at 63.99 trillion yuan in Q3, up 23.04 percent year-on-year.