Chinese mobile payment industry rose to a whopping $1.59 trillion in 2013

In 2013, mobile payments were the fastest-growing form of payments in China, thanks to participation from banks and a huge explosion in peer-to-peer mobile payments. The Chinese mobile payment industry rocketed 317.56 percent year-over-year to 9.64 trillion yuan ($1.59 trillion) in 2013, while the number of orders hiked 212.86 percent year-over-year to 1.67 billion, according to the bank-level data released by Chinese central bank People’s Bank of China. The e-payments business grew rapidly in 2013, recording 25.78 billion orders and a total volume of 1,075 trillion yuan, up 27.40 percent and 29.46 percent respectively from a year earlier. E-payments include three categories of payment services: online payment, phone payment, and mobile payment.