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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 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, March 18 2017. 14:13 IST