PBOC data released on November 11 show that non-bank payment institutions handled 323.39 billion online payment transactions worth 78.47 trillion yuan in the third quarter of 2026. Both figures are lower than in the second quarter.
In the second quarter, payment firms processed 340.70 billion transactions worth 80.11 trillion yuan, and in the first quarter the value was 84.79 trillion yuan, Beijing Business Today reported in September. The value has now fallen in each quarter of 2026.
Banks reported a different pattern. Mobile payments handled by banks rose to 62.38 billion transactions from 60.82 billion in the second quarter, although their value fell to 138.24 trillion yuan from 144.07 trillion yuan. NetsUnion (网联), the clearing platform for payment firms, handled 337.81 billion transactions worth 147.05 trillion yuan.
- Non-bank online payments: 323.39 billion transactions, 78.47 trillion yuan
- Bank mobile payments: 62.38 billion transactions, 138.24 trillion yuan
- Cross-Border Interbank Payment System (CIPS): 2.49 million transactions, 61.34 trillion yuan
- Bank cards in issue at end-September: 10.31 billion, of which 673 million credit cards
Why it matters: Payment firms handled fewer transactions and less money in the quarter while bank mobile channels added transactions, which puts pressure on the fee income of licensed non-bank firms. The decline comes as regulators tighten rules on how platforms market credit and as the PBOC looks harder at settlement delays at firms such as Kunpeng Payment.
Sources: 中国人民银行 / People’s Bank of China, via 移动支付网 Mpaypass, November 12, 2026; 新浪财经 / Sina Finance, November 12, 2026; 北京商报 / Beijing Business Today, via 新浪财经 Sina Finance, September 3, 2026 (second-quarter figures) (Chinese-language sources, translated)
Image: Max12Max, CC BY-SA 4.0, via Wikimedia Commons
