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    China’s mobile payments continue fast growth in Q1

    BEIJING (Xinhua) – China’s mobile payments continued rapid growth in the first quarter, central bank data showed.

    Banks and financial institutions dealt with 19.69 billion mobile payment transactions valuing CNY86.62 trillion (USD12.6 trillion) in the first three months, the People’s Bank of China said in an online statement.

    The number of transactions surged by 79.6 per cent year on year while the value marked a 22.32 per cent rise, the statement said.

    The number of online payment transactions surged 34.59 per cent year on year to 16.29 billion while the value dipped 2.06 per cent to CNY622.68 trillion, the data showed.

    China is the world’s largest mobile payment service market, with both tech and financial giants promoting their own tools to facilitate easier payments for daily shopping, dining and commuting.

    A passenger scans a QR code of Alipay, a mobile payment app, to take the subway in Hangzhou, east China’s Zhejiang Province. – XINHUA

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