Cashless Payment Amount Increased By 1.97% In 2017

- Jul 23, 2018-

2017 non-cash payment amount increased by 1.97%

On April 26, 2018, the China Payment and Clearing Association issued the “China Payment and Clearing Industry Operation Report (2018)” (hereinafter referred to as the “Report”) in Beijing, which is the sixth consecutive year that the Association issued an industry operation report. According to the "Report" data, in 2017, the country handled a total of more than 160 billion non-cash payment businesses, amounting to more than 3,750 trillion yuan, up 28.59% and 1.97% respectively, compared with 2016, which increased by 32.64% and 6.91% respectively. The number of transactions has slowed slightly, and the growth of the amount has slowed down.

Network Alliance will fully cover the banking and institutional channels under Direct Connect mode

On April 24th, the heads of network technology leaders Qiang qunli made a comprehensive interpretation of the latest construction achievements of the network platform and the implementation of the work of “breaking straight” from the aspects of system performance, function coverage and institutional access cut. According to reports, as of April 22, the network platform has access to 344 commercial banks and 109 payment institutions, and is stepping up the access of more than 110 commercial banks and 6 payment institutions, covering more than 95% bank accounts and more than 99% of the payment accounts, fully cover the bank and institutional channels under the direct connection mode.

Central Bank Payment and Clearing Division issued guidance

A few days ago, the Central Bank's Department of Payment issued the "Guiding Opinions on Key Spot Checks in 2018", and provided guidance to bank payment and settlement offices to carry out spot checks on banks and non-bank payment institutions in 2018, requiring a focus on their jurisdiction of the existence of unlicensed institutions who provide illegal business services such as payment services, weak merchants' network access audits, merchants' authenticity management violations, and lax management services , and setting time requirements.

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