With the rise of smartphone penetration and 4G networks, mobile payment in China has recorded exponential growth both in terms of transaction value and the sectors covered. The latest statistics from the People’s Bank of China shed some light on the booming industry in the last year.

In 2014, the central bank processed over 4.52 billion mobile payment transactions, up 170.25% from 1.67 billion in 2013. Transaction volume surged 134.30% year-over-year to RMB22.59 trillion (US$3.61 trillion), from RMB9.64 trillion in 2013.

After skyrocketing increases in the past few years, m-payment is entering a period of stable growth, with the growth rate for both the number of transactions and transaction volume declining from 212.86% and 317.56% in 2013.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.