NIFD (National Institution for Finance & Development) released the China Payment and Settlement System Development Report.
The report points out the third-party mobile payment transaction volumes have grown 215.4 percent to CNY38.5 trillion in China by the end of 2016, twice the Internet payment transactions, and that growth is more than twice the number in 2015, according to iResearch.
Subdividing the transaction scale of third-party mobile payments, the report argues personal applications became an upstart contender in the mobile payment field in 2016, which is a mainstream choice for the consumers.
Offline payment scenes are getting more and more abundant, and consumers have got used to using third-party payment applications, which spreads from major cities to third- and fourth-tier cities.
The payment on mobile phone has accounted for 50.3 percent in store shopping, which hit 43.5 percent and 38 percent in third- and fourth-tier cities and 31.7 percent in rural areas, statistics on the development of China's Internet from CNNIC show.