China's top 3 online banking players accounted for 36.7% of the total monthly active users of the online banking industry in December 2018. UnionPay QuickPass saw a high growth of 289.9% in monthly active users. Alipay's daily active users grew by 20.2% to 320 million thanks to its Wufu campaign.
Both online banking and payment & settlement platforms experienced a net increase of 105 million and 81 million monthly active users, respectively.
The number of transactions processed through non-bank financial institutions increased by 98% year-on-year to 372.75 billion for the first three quarters of 2018, over eightfold as large as that of bank financial institutions.
Nevertheless, the total value of transactions processed through bank financial institutions amounted to 199.2 trillion (US$29.78T), an increase of 33.5% year-on-year, 47.8 trillion yuan (US$7.15T) more than that of non-bank financial institutions. The non-bank financial institutions have dealt with ...
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