China’s total online payment transaction value close to 700 trillion RMB in 2011

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According to PBOC (the People’s Bank of China), driven by the proliferation of online banking in China, in 2011 the total online payment transaction value reached 700 trillion RMB, with a 33% growth rate.

Early in 2011, PBOC’s online interbank payment system so-called “Super Online Banking” was officially launched throughout the country. So far this system connects 120 individual online banking systems, each from a different bank, and processes an average of 640,000 transaction volume involving 8 billion RMB every day.

We can expect that the expansion of online payment and advancement of technology will make China become the largest E-commerce market in the next five years.

 

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