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"But now with SWIFT GPI, the banks in China can now facilitate those tuition payments stripping out the friction ... making them faster and more information rich."

"China has continued to deepen reform and development, creating a fairer and better business environment for global companies operating in China, prompting us to bring more innovative solutions to the country in a faster manner," he said.

"China has made rapid progress in improving its business climate for domestic small and medium enterprises in the past year. This progress, which now puts China among the top 50 economies in the world, signals the value the government places on nurturing entrepreneurship and private enterprise," said Bert Hofman, World Bank country director for China.

"China has embraced mobile payments faster than any other country, and will continue to lead the global charge in this regard," said Vishal Bali, managing director of Nielsen China.

"Children who are lied to by their parents are more likely to behave dishonestly themselves," he said.