The number of China's mobile payment users has exceeded 520 million, according to Ant Financial, Alibaba's financial affiliate¹.

 

蚂蚁金服表示，中国移动支付用户数量已超5.2亿。

 

According to the People's Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5 percent from a year ago.

 

The combined value of mobile payments jumped 33.8 percent to 39.2trillion yuan (6 trillion U.S. dollars).

 

The growth came as user-friendly platforms such as WeChat Pay encourage online transactions.

 

In April, Ant Financial said it planned to spend 6 billion yuan in two years to popularize its payment system.

 

According to a report jointly² produced by Tencent, Renmin University of China and French market researchers Ipsos, 84 percent of Chinese said they are "comfortable" going out with only their phones and no cash.

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