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373 mn rural residents used mobile banking in China in 2016

Press Trust of India  |  Beijing 

About 373 million rural residents in made payments totalling to USD 3.4 trillion by mobile apps in 2016, an increase of 35 per cent, the central said today.

Transactions totalled 23.4 trillion yuan (USD 3.4 trillion) up 71 per cent. The number of transactions jumped by 62 per cent to 5.1 billion, according to the People's of (PBOC).



Mobile posted the fastest growth among non-traditional payment methods in rural China, with online stagnant and telephone falling significantly.

It is costly and time consuming for residents in underdeveloped or remote areas to reach banks and ATMs, so mobile is becoming crucial in rural areas.

About 126,700 branches are located in rural areas, or 1.4 branches for every 10,000 residents, with 3.8 ATMs per 10,000 residents, state-run Xinhua agency reported.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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373 mn rural residents used mobile banking in China in 2016

About 373 million rural residents in China made payments totalling to USD 3.4 trillion by mobile banking apps in 2016, an increase of 35 per cent, the central bank said today. Transactions totalled 23.4 trillion yuan (USD 3.4 trillion) up 71 per cent. The number of transactions jumped by 62 per cent to 5.1 billion, according to the People's Bank of China (PBOC). Mobile banking posted the fastest growth among non-traditional payment methods in rural China, with online banking stagnant and telephone banking falling significantly. It is costly and time consuming for residents in underdeveloped or remote areas to reach banks and ATMs, so mobile banking is becoming crucial in rural areas. About 126,700 bank branches are located in rural areas, or 1.4 branches for every 10,000 residents, with 3.8 ATMs per 10,000 residents, state-run Xinhua news agency reported. About 373 million rural residents in made payments totalling to USD 3.4 trillion by mobile apps in 2016, an increase of 35 per cent, the central said today.

Transactions totalled 23.4 trillion yuan (USD 3.4 trillion) up 71 per cent. The number of transactions jumped by 62 per cent to 5.1 billion, according to the People's of (PBOC).

Mobile posted the fastest growth among non-traditional payment methods in rural China, with online stagnant and telephone falling significantly.

It is costly and time consuming for residents in underdeveloped or remote areas to reach banks and ATMs, so mobile is becoming crucial in rural areas.

About 126,700 branches are located in rural areas, or 1.4 branches for every 10,000 residents, with 3.8 ATMs per 10,000 residents, state-run Xinhua agency reported.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
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373 mn rural residents used mobile banking in China in 2016

About 373 million rural residents in made payments totalling to USD 3.4 trillion by mobile apps in 2016, an increase of 35 per cent, the central said today.

Transactions totalled 23.4 trillion yuan (USD 3.4 trillion) up 71 per cent. The number of transactions jumped by 62 per cent to 5.1 billion, according to the People's of (PBOC).

Mobile posted the fastest growth among non-traditional payment methods in rural China, with online stagnant and telephone falling significantly.

It is costly and time consuming for residents in underdeveloped or remote areas to reach banks and ATMs, so mobile is becoming crucial in rural areas.

About 126,700 branches are located in rural areas, or 1.4 branches for every 10,000 residents, with 3.8 ATMs per 10,000 residents, state-run Xinhua agency reported.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22