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Mobile payments top $12.77 trillion

China's mobile payments totaled 81 trillion yuan ($12.77 trillion) as of October 2017, the world's largest volume, official data showed. The volume was much more than the whole of 2016, which 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 have gained increasing popularity across the country.

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