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Mobile payment soars in China in 3rd quarter
Online Edition
China's third-party mobile payment transactions nearly tripled in the third quarter from three months ago thanks to the higher adoption rates of smartphones and mobile devices.
Mobile payment added 1.7 times from a quarter ago to 334.3 billion yuan(US$54.8 billion) in the July-September period, research firm Analysys International said in a report today.
Alibaba Group's payment arm Alipay had the biggest market share of 64.6 percent, followed by mobile point of sales vendors Lakala's 24.2 percent. Tencent's Tenpay was in the third place with 4.1 percent.
Although mobile payment accounted for less than 1 percent of the third party payment market, Internet companies are sparing no efforts to attract consumers to smartphone payment software in order to ride on the shift from desktop computers to smart devices.
Bankcard transaction and payment for credit card bills accounted for a large chunk of the transaction on the mobile side. Growth pace on the mobile payment sector will continue to pick up in the future with payment firms stepping up efforts to collaborate with more e-commerce sites, commercial banks and vendors, according to the report.
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