According to a report published by the Payment & Clearing Association of China (PCAC), during the same period, banks have processed 19.2 billion online payment transactions amounting to almost USD 133.4 trillion.
Result show that another 10.46 billion online payment transactions representing USD 1.1 trillion have been handled by other payment agencies in 2012.
The same report points out that online transactions are being used not only in traditional areas, such as online shopping and bill-paying, but also in areas related to education, tourism, fund products, insurance, community services and medical and health services.
Experts have noticed that the increasing variety of payment tools has also caused problems concerning the safety of funds and customer information, calling for strengthened regulation and supervision. According to PCAC data, The Peoples Bank of China, or the central bank, has so far approved 197 non-financial institutions to provide payment services, of which 72 are eligible for online payment business.
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