China's mobile payments continue fast growth in Q1

China's mobile payments continued rapid growth in the first quarter, central bank data showed.

Banks and financial institutions dealt with 19.69 billion mobile payment transactions valuing 86.62 trillion yuan ($12.6 trillion) in the first three months, the People's Bank of China said in an online statement.

The number of transactions surged by 79.6 percent year-on-year while the value marked a 22.32-percent rise, the statement said.

The number of online payment transactions surged 34.59 percent year-on-year to 16.29 billion while the value dipped 2.06 percent to 622.68 trillion yuan, the data showed.

China is the world's largest mobile payment service market, with both tech and financial giants promoting their own tools to facilitate easier payments for daily shopping, dining and commuting.