Internet lending has become a rising trend in China. (Photo : Reuters)
According to data released by Internet lending information portal Wangdaizhijia, the first half of 2015 has seen a surge in online lending transactions, which were mostly done via mobile devices.
The report showed that from January to June, transaction volumes of Internet lending have reached 300.6 billion yuan, higher than last year's total tally, which was 252.8 billion yuan.
By the end of June, platforms that cater to such financial transactions also increased by 28.8 percent, compared with the 2014 figure. The total number tallied to 2,028, Wangdaizhijia stated.
For Liu Erhai, founding partner of Beijing-based venture capital firm Joy Capital, "the Internet finance sector has rapid growth potential and plays a key role in the nation's economic restructuring."
"It can also spearhead the use of new technology and transform the traditional lending sector," Liu added.
Internet finance applications have become a rising trend in the country. Currently, China has over 10 million active users, bigdata-research.cn, a website dedicated to software and Internet sectors' big data research, posted.
According to the site, peer-to-peer lending mobile app Tongbanjie is one of the leading players in the business, with about three million active users per month.
CEO He Jun shared about their success: "We pay close attention to risk controls and improving user experiences."
Other big firms are also joining the sector, such as Baidu Inc., Tencent Holdings Ltd. and Alibaba Group Holding Ltd.
Meanwhile, a recent report from information technology consultancy Analysys International showed that China had a 10.3-percent year-on-year increase in its number of mobile Internet users, surging to 740 million.
