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 ($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.