China’s non-cash payments maintain steady growth in 2022

By NAN

25 March 2023   |  
10:23 am

Non-cash payments handled by Chinese banks continued stable expansion in 2022, with electronic payments sustaining growth momentum, a central bank report said.

Non-cash payments handled by Chinese banks continued stable expansion in 2022, with electronic payments sustaining growth momentum, a central bank report said.

According to the report from the People’s Bank of China, the non-cash payments were recorded via bank cards, electronic payment vehicles, commercial papers and credit transfers.

Also, other settlements hit 4,805.77 trillion yuan (about 702.86 trillion dollars) last year, up 8.84 per cent year on year.

The report showed that the electronic payments took a lion’s share of the non-cash payments, with a total transaction value of 3,110.13 trillion yuan.

The total number of transactions made with bank cards reached 451.95 billion in 2022, with the combined value up 0.98 per cent year on year to 1,011.94 trillion yuan.

The report said that the non-bank payment networks processed 337.87 trillion yuan of transactions in 2022, down 4.95 per cent year on year.

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