More mobile banking advances in China

160 million Postal Savings Bank of China (PSBC) customers who want to send or receive money internationally will be able to do so anywhere and anytime via a mobile device.

This is thanks to a partnership with MoneyGram which means customers will be able to make transactions in USD, EUR, GBP and AUD, PSBC customers will be able to use their phone to make transactions, or they can visit one of the banks locations.

The international money transfer service of MoneyGram counter is seen at a branch of Bank of China in Nantong, Jiangsu Province. [File Photo: IC]

China is a great market for mobile banking; a recent report by the China Internet Network Information Center found that mobile internet use in the country is high, that in 2016 mobile internet users in the country totaled almost 700 million with over 95% using a mobile device to access the internet.

"The addition of cash-to-mobile service on top of MoneyGram's strong cash-to-cash offering and extensive agent network, positions us well to reach all diverse groups of Chinese customers living in rural and urban areas," said Andy Liu, MoneyGram's regional head of China and Mongolia. "Our partnership with PSBC enables MoneyGram to offer cash-to-mobile money transfers for the first time in the Chinese market," added Liu. 

"PSBC is committed to establishing and promoting inclusive financial services in China. PSBC aims to lead the development of online financial services, at the same time making sure that the development of online and offline businesses are at the same speed. Partnership with MoneyGram is an important step for PSBC to actively serve the Belt and Road initiative and provide global financial services to our clients," said Liu Xin, General Manager of Personal Banking Department at PSBC.

The World Bank’s forecast says that over 62.8 billion US dollars will flow into China in 2017.