Central Banking

China to be No.2 in payments

China could overtake the eurozone as the world's second biggest payments market early next decade, according to a new report.

"In terms of non-cash payment volumes, China could catch up with the eurozone by 2013," says Simon Newstead of the Royal Bank of Scotland (RBS), one of the authors of the latest World Payments Report, published by RBS, a British bank, and Capgemini, a consulting firm.

The country accounted for 7% of the 233 billion non-cash transactions made in 2006, a figure which puts

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