China’s largest banks last year handled the bulk of mobile sales activity, though younger nonbank competitors handled the most mobile transactions, according to a report released earlier this week.
Banks in the country in 2013 processed 1.67 billion smartphone-initiated worth 9.64 trillion Yuan (about $1.6 trillion). That compared with 3.78 billion transactions worth 1.19 trillion Yuan handled by third-party payment providers, according to People Daily, citing a Payment & Clearing Association of China report.
Banks were even more dominant online, where they handled 23.7 billion transactions worth 1,061 trillion Yuan. By comparison, third-party firms handled 15 billion online transactions worth just 8.96 trillion Yuan, the publication reported.
Earlier this month, Angela Ahrendts, Apple’s new head of retail, outlined a three-part strategy for Apple’s retail future that included stronger emphasis on China as a market.
"What's Hot" is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.