China has the highest mobile payment penetration rate in the world, with a staggering 86% mobile payment penetration rateBehind this achievement is decades of development and innovation in China's fintech.
Zhang Qingsong, deputy governor of the People's Bank of China, shared the relevant situation on the regulations on the supervision and management of non-bank payment institutions at the regular policy briefing. He said that China has established a wide-coverage, safe and efficient payment and clearing system centered on the first-class bank payment and clearing system, with the participation of commercial banks, clearing institutions, and non-bank payment institutions. This system consists of more than 4,000 commercial banks and more than 180 payment institutions, effectively meeting the needs of 1The payment needs of 600 million business entities and hundreds of millions of consumers.
China's personal bank account ownership rate has exceeded 95%, which is higher than the average for middle- and high-income economies. Behind this figure is the rapid development and popularization of financial technology in China. Mobile payment has penetrated into all corners of Chinese society, whether it is a big city or a small village, people can conveniently use their mobile phones to make payments. This convenience has not only changed the way people shop, but also the way they think and live.
The popularity of mobile payment has made people's lives more convenient and intelligent. People no longer need to carry cash or bank cards, they only need a mobile phone to complete shopping, bill payments, transfers and other operations. This new payment method is not only convenient for consumers, but also improves the efficiency and service quality of merchants. Mobile payment has become an important support for China's modern service industry.
In addition, the popularity of mobile payments has also promoted the development and innovation of China's financial industry. With the popularization of mobile Internet, various new financial products and services are emerging, such as Yu'e Bao, P2P online lending, mobile insurance, etc. These products and services provide consumers with more choices and inject new vitality into the development of China's financial industry. As the world's largest mobile payment market, China's payment industry plays a fundamental role in serving the needs of the real economy and people's livelihood. Mobile payment has become a new driving force for China's economic development. With the continuous advancement of technology and financial innovation, it is believed that China's mobile payment industry will continue to maintain its leading position in the world.
In short, China's achievements in the field of mobile payment have not only facilitated people's lives, but also promoted rapid economic development. This is an achievement that we should be proud of, and an important milestone in the development of China's fintech. I hope that China will continue to maintain its position as the world's No. 1 and lead the development trend of global mobile payment