Money in our mobiles is replacing cash

Source: Xinhua | 2019-03-25

The amount of non-cash payments in China continued to rise from a year earlier in the fourth quarter of 2018, according to a central bank report.

The amount of money involved in non-cash payments, including commercial papers, bank cards and other payment vehicles, was 960.89 trillion yuan (US$143.41 trillion) in the fourth quarter, up 0.33 percent year on year, according to the People’s Bank of China.

Mobile payment became more popular among Chinese consumers. Banks and financial institutions transacted 78.22 trillion yuan of mobile payment, surging 45.47 percent year on year.

When eating out or shopping, it’s common nowadays that Chinese consumers pay by scanning a QR code on the restaurant table or by showing a similar code on their smartphones to the store clerk.

The report also showed that online payment remained prevalent in the fourth quarter, with the total amount reaching 507.91 trillion yuan.