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 rose 58% year-on-year. The fastest growth area in electronic bills was mobile payments, which grew by 254% in the last year. Published: In a report released on Wednesday, Credit Suisse said it expects China's total payments to reach $US1.3tn ($A2.2trn) The problem is particularly acute for Chinese banks, which are haemorrhaging customers, retaining only half the rate of the global average.
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 rose 58% year-on-year. The fastest growth area in electronic bills was mobile payments, which grew by 254% in the last year. In a report released on Wednesday, Credit Suisse said it expects China's total payments to reach $US1.3tn ($A2.2trn) The problem is particularly acute for Chinese banks, which are haemorrhaging customers, retaining only half the rate of the global average.