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 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.