China's Non-Cash Payments Skyrocket in Q3

China’s Non-Cash Payments Skyrocket in Q3

According to recent data from the central bank, Chinese banks experienced a consistent rise in non-cash transactions during the third quarter of 2023.

The report from the People’s Bank of China highlighted that non-cash payments, encompassing bank cards, electronic payment methods, commercial papers, credit transfers, and various settlements, reached a total of 1326.19 trillion yuan (equivalent to approximately 186.91 trillion U.S. dollars) during this period, marking a 3.92 percent year-on-year increase.

Electronic payments emerged as the predominant mode within non-cash transactions, boasting a substantial transaction value of 858.34 trillion yuan, as indicated by the report.

Furthermore, the data revealed a positive trajectory for bank card transactions, demonstrating a year-on-year surge of 1.74 percent in the third quarter, totaling 260.77 trillion yuan.—Xinhua

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