The turnover of Chinese mobile payment industry rocketed 317.56% year-over-year to 9.64 trillion yuan ($1.59 trillion) in 2013, while the number of orders hiked 212.86% year-on-year to 1.67 billion, according to the bank-level data released by Chinese central bank – People’s Bank of China.

E-payment business grows rapidly in 2013, recording 25.78 billion orders and a turnover of 1,075 trillion yuan, up 27.40% and 29.46% respectively from a year earlier. E-payment includes three categories of payment services of online payment, phone payment and mobile payment. In addition to mobile payment, the turnover of online payment business climbed 28.89% YOY to 1,061 trillion yuan and that for phone payment declined 8.92% YOY to 4.74 trillion yuan in the same period.

The report added that China recorded a turnover of 1,608 trillion yuan from 50.16 billion non-cash settlements last year, up 21.92% and 24.7%, respectively. 

Source: TechNode