Download → Payment System Report (Q1 2023).pdf

According to payment statistics in Q1 2023 1 , the payment systems functioned smoothly across the country. Statistics including the number of bank accounts, the volume of non-cash payments and the transaction volume in payment systems maintained growth in general.

I. Bank Accounts

The number of bank accounts edged up. At end-Q1, a total of 14.221 billion bank accounts 2 had been opened nationwide, increasing by 0.39 percent quarter on quarter (q-o-q).

The number of bank accounts opened by institutions maintained growth. At end-Q1, bank accounts opened by institutions nationwide registered 95.1738 million, increasing by 2.93 percent q-o-q. Specifically, 66.8988 million were basic deposit accounts, 23.2442 million were general deposit accounts, 4.8312 million were special deposit accounts, and 199,600 were temporary deposit accounts, accounting for 70.29 percent, 24.42 percent, 5.08 percent and 0.21 percent, respectively, of the total number of bank accounts held by institution.

The number of individual bank accounts increased slightly. At end-Q1, bank accounts opened by individuals totaled 14.126 billion nationwide, increasing by 0.37 percent q-o-q.

II. Non-cash Payment

In Q1, a total of 114.587 billion non-cash payment transactions 3 with an amount of RMB1277.53 trillion were processed by banks across the country, increasing by 18.46 percent and 11.10 percent year on year (y-o-y), respectively.

(I) Bank Cards

The number of bank cards increased slightly.. At end-Q1, the number of bankcards opened increased by 1.01 percent q-o-q to 9.573 billion nationwide. Specifically, debit cards increased by 1.18 percent q-o-q to 8.782 billion; credit cards and debit-credit integrated cards decreased by 0.84 percent q-o-q to 791 million. The number of bankcards per capita 4 was 6.78, among which the per capita number of credit cards and debit-credit integrated cards.

The number of merchants connected to the UnionPay inter-bank payment system and terminals connected to the system witnessed a small decrease. At end-Q1, merchants connected to the UnionPay inter-bank payment system (UnionPay system), POS 5 terminals connected to the UnionPay system, and ATM6 terminals recorded 25.6138 million, 33.0974 million and 882,700, down 1.6147 million, 2.4633 million and 13,200 from end-Q4 2022, respectively. The number of POS terminals connected to the UnionPay system per 10,000 persons recorded 234.44, decreasing by 6.93 percent q-o-q, and the number of ATMs per 10,000 persons recorded 6.25, decreasing by 1.47 percent q-o-q.

Bankcard transactions showed a notable increase. In Q1, a total of 111.839 billion bankcard transactions 7 with an amount of RMB292.90 trillion were processed across the country, increasing by 18.75 percent and 10.57 percent y-o-y, respectively. Specifically, cash deposits recorded 1.271 billion, or RMB11.01 trillion; cash withdrawals recorded 1.803 billion, or RMB11.05 trillion; transfers recorded 45.165 billion, or RMB237.79 trillion; and consumer payments recorded 63.599 billion, or RMB33.04 trillion. The consumer payment per bankcard registered RMB3,451.12 and that per transaction recorded.

The total bankcard credit line remained generally stable. At end-Q1, the total bankcard credit line 8 was RMB22.18 trillion, increasing by 0.18 percent q-o-q. The outstanding balance of bankcard credit was RMB8.57 trillion, decreasing by 1.42 percent q-o-q. The credit line per bankcard was RMB28,000, with the credit utilization rate 9 standing at 38.62 percent. The credit card payment overdue by half a year or more 10 totaled RMB99.004 billion, increasing by 14.35 percent q-o-q，accounting for 1.16 percent of the total outstanding balance.

(II) Commercial Papers

The transaction volume of commercial papers stayed on a down trend in general. In Q1, transactions of commercial papers totaled 24.1744 million or RMB23.63 trillion nationwide, decreasing by 15.66 percent and 10.82 percent y-o-y, respectively. Specifically, there were 17.8231 million transactions or RMB17.81 trillion of checks, decreasing by 16.81 percent and 13.06 percent y-o-y, respectively; 6.2850 million actual settlements or RMB5.72 trillion of commercial drafts, decreasing by 12.19 percent and 3.17 percent y-o-y, respectively; 23,600 transactions or RMB31.625 billion of bank drafts, decreasing by 26.07 percent and 5.29 percent y-o-y, respectively; 42,700 transactions or RMB75.642 billion of bank promissory notes, decreasing by 15.93 percent and 3.84 percent y-o-y, respectively.

Transactions processed by the electronic commercial draft system11 decreased. Q1 saw the following transactions processed by the electronic commercial draft system: 6.6481 million or RMB5.84 trillion acceptances, decreasing by 6.67 percent and 15.64 percent y-o-y, respectively; 2.1747 million or RMB3.89 trillion discounts, decreasing by 18.05 percent and 18.68 percent y-o-y, respectively; 3.3535 million or RMB12.24 trillion interbank discounts, decreasing by 23.98 percent and 13.04 percent y-o-y, respectively; 994,000 or RMB6.71 trillion pledged repos, increasing by 17.42 percent and 14.29 percent y-o-y, respectively; and 88,700 or RMB485.111 billion outright repos, increasing by 7.45 percent and 26.15 percent y-o-y, respectively.

(III) Credit Transfers and Other Settlement Transaction

The volume of credit transfers and other settlement transactions maintained growth. In Q1, the number of other settlement transactions including credit transfer, direct debit, collection with acceptance, and domestic L/C totaled 2.724 billion with an amount of RMB961.00 trillion, increasing by 8.08 percent and 11.95 percent y-o-y, respectively. In particular, the credit transfer transactions recorded 2.622 billion, totaling RMB935.77 trillion.

(IV) Electronic Payment

The volume of electronic transactions processed by commercial banks increased. In Q1, banks processed a total of 67.584 billion electronic payment transactions 12 in RMB831.82 trillion, increasing by 6.83 percent and 12.44 percent y-o-y, respectively. Specifically, the transaction volume of online payments decreased by 6.28 percent y-o-y to 22.089 billion and the total value increased by 13.84 percent y-o-y to RMB666.15 trillion; the transaction volume of mobile payments increased by 19.14 percent y-o-y to 41.284 billion and the total value increased 9.90 percent y-o-y to RMB144.60 trillion; the transaction volume of phone payment decreased by 17.53 percent y-o-y to 54 million and the total value decreased by 9.48 percent y-o-y to RMB2.42 trillion.

In Q1, non-bank payment institutions processed a total of 266.501 billion online payment transactions 13 with an amount of RMB84.66 trillion, increasing by 11.97 percent and 11.34 percent y-o-y, respectively, on a comparative basis.