Mobile Payments to Exceed 9 Tln Yuan in 2015

Online payment transactions handled by Chinese mobile payment service providers will exceed 9 trillion yuan (US$1.45 trillion) in 2015, according to an industry report published on Monday.

In 2012, the country's mobile banking sector handled 800 billion yuan in online payment transactions, an increase of 265.3 percent from a year earlier, according to a report published by the Internet Society of China (ISC).

Last year, the country's online payments rose 66 percent to nearly 3.7 trillion yuan, with fast growth in payments on premiums, according to the report.

Online premiums payments grew 123.8 percent year on year to 3.66 billion yuan in 2012, the report said.

The country's online payment market is maturing with an accelerated growth of internet finance, said Shi Xiansheng, deputy secretary-general of the ISC.

Online payment transactions handled by Chinese payment service providers totaled 830 trillion yuan in 2012, according to data from the Payment & Clearing Association of China (PCAC).