BEIJING — Electronic payments handled by China's banks and non-bank payment institutions both registered rapid growth in 2021, a report from the People's Bank of China showed.

Electronic payments processed by banks in China stood at 2,976.22 trillion yuan (about $468.63 trillion), up 9.75 percent year-on-year, according to the central bank.

In breakdown, online payments rose 8.25 percent year-on-year to 2,353.96 trillion yuan, while mobile payments hit 526.98 trillion yuan, surging 21.94 percent over one year earlier.

Last year, online payments handled by non-bank payment institutions jumped 20.67 percent year-on-year to 355.46 trillion yuan.