Chinese banks report growth in mobile payments volumes

Chinese banks posted robust growth in mobile payments in the first quarter of this year, according to the People's Bank of China (PBOC). Banking institutions handled 70.8 trillion yuan (11.1 trillion U.S. dollars) in mobile payments in the period, up 16.8 percent year on year, the central bank data showed. Around 10.7 billion payments were made through the banks' mobile services in the first quarter, an increase of 17.8 percent year on year, the PBOC said.