Mobile payment services increased by 300% in the first quarter of 2016

Just last week, the People's Bank of China announced the overall operation of the payment system in the first quarter of 2016. The report shows that in the first quarter of 2016, China's non-cash payment business handled 226.797 billion yuan, amounting to 888.28 trillion yuan, an increase of 32.42% and 7.10% respectively. Among them, the number of mobile payment services increased by more than 300% year-on-year, and the increase was ranked first in all electronic payment methods.

According to the data, in the first quarter, banking financial institutions handled a total of 30.322 billion electronic payment services, amounting to 793.97 trillion yuan. The mobile payment business was 5.615 billion, with an amount of 52.13 trillion yuan, an increase of 308.08% and 31.05% respectively.

At the same time, credit card credit continues to grow. As of the end of the quarter, credit card credits totaled 7.45 trillion yuan, an increase of 19.55% year-on-year and 5.53% quarter-on-quarter; credit card credit balance was 3.15 trillion yuan, an increase of 23.54% year-on-year and 2.13% quarter-on-quarter. The credit card has a credit line of 18,200 yuan, and the credit utilization rate is 42.36%, an increase of 1.37 percentage points over the same period of the previous year.

During the same period, credit card adverse risks continued to rise. The credit card overdue for half a year was 45.809 billion yuan, a year-on-year increase of 20.46%, accounting for 1.45% of the credit balance of credit card receivables, accounting for an increase of 0.22 percentage points compared with the end of the fourth quarter of 2015.

The data shows that the electronic trend of bill business is obvious. In the first quarter, there were a total of 74 million bills in the country, amounting to 46.16 trillion yuan, down 34.98% and 27.75% respectively. The discounted and discounted business of electronic commercial bill of exchange system has grown rapidly.

In the first quarter, the electronic commercial bill of exchange system issued 413,600, with an amount of 182.057 billion yuan, up 64.26% and 91.15% respectively; the acceptance of 426,400, the amount of 187.776 billion yuan, an increase of 65.11% and 90.5% respectively; discounted 160,400 Pen, the amount of 130.234 billion yuan, an increase of 95.13% and 131.67%, respectively; transfer of 715,200, the amount of 118,533.48 billion yuan, an increase of 338.16% and 457.57%.

From the overall report, China's payment system operated smoothly in the first quarter of 2016, and the mobile payment business continued to maintain a high growth momentum. Although the management method of bank card clearing institutions is about to land, this will inevitably bring certain impact to the payment system, but from a macro perspective, it will not affect the overall development status of China's payment business.

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