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China’s third-party mobile payment market has reported a robust growth of 22.5 per cent at USD 3.46 trillion in the second quarter as the cashless transactions gain popularity in the world’s second largest economy, a media report said today.
In the second quarter of 2017, third-party mobile payment transactions amounted to 23 trillion yuan (about USD 3.46 trillion), up 22.5 per cent from the previous quarter, state- run Xinhua news agency reported, quoting a report by Beijing-based marketing consultancy firm Analysys International.
The report attributed the robust growth to increasing e-commerce transactions and other financial trading.
Products from China’s two Internet giants — Alibaba and Tencent — maintained dominance in the industry, taking 92.8 per cent of the market.
Alipay, Alibaba’s mobile payment service, led the market with a 53.7 per cent share, followed by Tencent Finance, with a 39.1 per cent share.
According to the figures released by China Internet Network Information Center, China had 724 million mobile phone users at the end of June 2017. More than 35 per cent of them often make mobile payments while 31.8 per cent still prefer using cash or credit cards.
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