China’s mobile wallet users exceeded payments of 520 million in China

Vastavam web:  The number of China’s mobile wallet users has exceeded 520 million with combined payments of over USD 6 trillion, Chinese e-commerce giant Alibaba’s financial services affiliate said today.According to the People’s Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5 per cent from a year ago.In April, Ant Financial, Alibaba’s financial affiliate which runs the popular Ali Pay — China’s leading third-party online payment solution, said that it planned to spend 6 billion yuan in two years to popularise its payment system.