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 rose 254% year-on- year . The fastest growth area in electronic bills was mobile payments, which grew by 254% in year . This report highlights how these modes of payment often bypass banks' systems altogether, stating that this represents a "nightmare" for traditional banks. The problem is particularly acute for Chinese banks, which are haemorrhaging customers, retaining only half the rate of the global average.