China noncash payment rises in Q2

The amount of noncash payments in China in the second quarter of the year rose 0.05 percent year-on-year, a central bank report showed.

The amount of money involved in noncash payments, including commercial papers, bank cards and online payment vehicles, stood at 952.23 trillion yuan (about $134.42 trillion) in Q2, according to the People's Bank of China (PBOC).

A total of 7.98 billion bank cards were in use at the end of June, up 2.64 percent from a quarter ago. The number of bank cards continued to grow quickly, as each Chinese owned 5.72 bank cards on average.

The use of commercial papers, which are more often used by small- and medium-sized enterprises, dropped 8.88 percent to 32.41 trillion yuan in the second quarter.

Mobile payment registered robust growth in Q2, PBOC data showed, as banks and financial institutions transacted 79.46 trillion yuan of mobile payment, up 26.37 percent year-on-year.

Non-bank payment vehicles transacted 59.32 trillion yuan during the period, up 22.84 percent from the second quarter last year.