China's non-cash payments post steady growth in Q1

BEIJING - The non-cash payments handled by Chinese banks maintained steady growth in the first quarter (Q1) of this year, with online payments sustaining growth momentum, according to a central bank report.

Non-cash payments, involving bank cards, electronic payment vehicles, commercial papers, credit transfers and other settlements, stood at 1,149.85 trillion yuan ($170 trillion) in Q1, up 7.91 percent year-on-year, the People's Bank of China said in the report.

Among the electronic payment vehicles, online payments gained 5.72 percent year-on-year to 585.16 trillion yuan during the period.

Mobile payments hit 131.58 trillion yuan, up 1.11 percent year-on-year, the report showed.

In Q1, bank card transactions climbed 3.9 percent from last year to hit 264.9 trillion yuan, according to the report.