Published: 5:30am, 30 Nov, 2015 Updated: 2:54pm, 20 Jul, 2018
Data from the People 's Bank of China shows that the number of cheques used by people in mainland China has declined 29 % in the last year , while the use of electronic bills increased 58 % year - on - year . The fastest growth area in electronic bills was mobile payments , which grew by 254 % in the last year . This article highlights how these forms of payment often replace banks ' systems altogether , stating that this is a " nightmare " for traditional banks . The problem is particularly acute for Chinese banks , which are paying customers , at only half the rate of the global average .