Beijing Business Today (Journalist: Cui Qibin and intern journalist: Song Yitong) On March 5, the People’s Bank of China (PBoC) issued Overall Situation of Payment System Operation in 2017 via its official website. According to the statistical data of payment business in 2017, by the end of Q4, there were altogether 248 commercial banks and 65 payment institutions got access to Online Payment and Clearing Platform of Non-banking Payment Institutions. All payment institutions would switch its network payment business involving bank account from connected channel to the platform directly.

The Platform, whose full name is Online Payment and Clearing Platform of Non-banking Payment Institutions, refers to a payment institution raised and organized by Payment & Clearing Association of China under the guidance of PBoC on the principle of “co-establishment, co-ownership and sharing” in order to provide unified and public capital clearing service for payment institutions, correct the payment institutions’ illegal inter-bank clearing business and change the business development of payment institutions by contacting different banks. PBoC started to include the Platform into “overall situation of payment system operation” in last Q3.

According to the trial operation of the Platform disclosed by PBoC in its report, the number of organizations getting access to the Platform skyrocketed in last Q4. By the end of last Q3, there had been 15 national commercial banks and 9 payment institutions access to the Platform.

According to the statistical data, 160.878 billion non-cash payment businesses were transacted nationwide in 2017, with the total amount of RMB 3,759.94 trillion with a YoY growth rate of 28.59% and 1.97%. The payment system processed 77.334 billion businesses with the total amount of RMB 5,414.25 trillion with the YoY growth of 30.44% and 5.86%.

Mobile payment business grew rapidly in banking system where online payment and telephone payment business grew slowly. In 2017, the financial organizations of banking industry processed 152.58 billion e-payment businesses which amounted to RMB 2,419.2 trillion, including 48.578 billion online payment businesses with the total amount of RMB 2,075.09 trillion, a YoY growth and decline rate of 5.2% and 0.47%, 37.552 billion mobile payment businesses with the total amount of RMB 202.93 trillion with a YoY growth rate of 46.06% and 28.8% and 160 million telephone payment businesses with the total amount of RMB 8.78 trillion, with a YoY decline rate of 42.58% and 48.56%.