China’s total online payment transaction value close to 700 trillion RMB in 2011

According to PBOC (the People’s Bank of China), driven by the proliferation of online banking in China, in 2011 the total online payment transaction value reached 700 trillion RMB, with a 33% growth rate.

Early in 2011, PBOC’s online interbank payment system so-called “Super Online Banking” was officially launched throughout the country. So far this system connects 120 individual online banking systems, each from a different bank, and processes an average of 640,000 transaction volume involving 8 billion RMB every day.

We can expect that the expansion of online payment and advancement of technology will make China become the largest E-commerce market in the next five years.