Online payment platforms have mushroomed on the Chinese mainland in recent years, with just a handful of players cornering the market: Alipay and WeChat Pay commanded a 94-percent share of the mainland’s mobile transaction value in the first quarter of this year, leaving the other players with online payment licenses in an awkward situation to continue the game. (SHEN QILAI / BLOOMBERG)
BEIJING - China's third-party mobile payment market expanded 27.9 percent quarter on quarter in the fourth quarter of last year, according to market research firm Analysys International.
The value of third-party mobile payment transactions during the three months totaled 37.7 trillion yuan (about US$6 trillion), Analysys International said in a research note.
The traditional e-commerce boom in the fourth quarter and more people using mobile payment services spurred the growth in mobile transactions, it said.
ALSO READ: China's mobile payment volume tops US$12.8t
China's third-party mobile payment market has been growing rapidly in recent years, offering consumers a more convenient alternative to bank payment channels.
Alipay operated by Alibaba affiliate Ant Financial and Tencent Financial dominated with 54.26 percent and 38.15 percent of the market, respectively.
Copyright 1995 - 2020. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.