Mobile payment on fast growth in China

BEIJING -- China's mobile payments continued fast growth in the second quarter of 2018, the central bank data showed.

The country's banks processed 14.92 billion mobile payment transactions in Q2, up 73 percent year on year, according to the People's Bank of China.

The value of these transactions totalled 62.88 trillion yuan ($9.15 trillion), up 60 percent year on year.

China's online payment industry has grown quickly in recent years amid growing availability of smartphones.

Online payment transaction value by non-banking institutions totalled 48.29 trillion yuan in Q2, up 53.35 percent year on year.