China’s non-cash payments maintained steady growth in 2022: Report
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 People’s Bank of China report, 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 (about $702.86 trillion) last year, up 8.84 per cent year on year.
The report showed that electronic payments took the lion’s share of the non-cash payments, with a total transaction value of ¥3,110.13 trillion.
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.
The report said the non-bank payment networks processed ¥337.87 trillion of transactions in 2022, down 4.95 per cent year on year.