PBOC details performance and trends in 2025 Payment System Report

The People's Bank of China has published its annual Payment System Report for 2025. The report provides a comprehensive overview of the operational status, key developments, and performance of China's payment and settlement systems.

Robust growth in digital payment volumes

The 2025 Payment System Report highlights continued robust growth across China's payment infrastructure, with digital payment transactions reaching record volumes.

Mobile payment platforms processed over 150 billion transactions, representing a 15 percent year-on-year increase and solidifying their role as the primary method for retail payments.

Interbank clearing systems maintained high operational efficiency, handling daily average transaction values exceeding 1.2 quadrillion yuan.

The report notes a significant expansion in cross-border RMB payment services, facilitating international trade and investment.

Furthermore, the stability and security of critical payment infrastructures, including the China National Advanced Payment System (CNAPS), were consistently upheld throughout the year, demonstrating resilience against operational and cyber risks.

Innovations in payment technology, particularly in distributed ledger technology applications, were also a key focus, with pilot programs showing promising results for future enhancements.

Strengthening regulatory oversight and financial inclusion

The report underscores the People's Bank of China's ongoing efforts to strengthen regulatory frameworks governing payment services, ensuring fair competition and consumer protection.

New guidelines were introduced to enhance data security and privacy within payment ecosystems, responding to the rapid digitalization of financial services.

Progress in financial inclusion was also a central theme, with initiatives aimed at expanding access to secure and efficient payment services in rural and underserved areas.

These efforts included promoting the adoption of digital wallets and ensuring interoperability across various payment platforms.

The PBOC emphasized its commitment to fostering a safe, efficient, and inclusive payment environment that supports economic development and maintains financial stability, aligning with national strategic objectives for a modernized financial system.

A foundation for future financial innovation

The 2025 report confirms China's payment systems are not just keeping pace, but actively driving financial innovation.

While the sheer scale of digital adoption is impressive, the underlying regulatory vigilance and focus on inclusion are equally critical.

This robust infrastructure provides a stable foundation for future advancements, particularly in areas like central bank digital currency, positioning China at the forefront of global payment system evolution.