Q1 Online Payments in China Soar 112%
April 30, 2012
Online payments during the first quarter in China increased more than 112 percent from Q1 2011 to 776 billion yuan ($123.38) during the first quarter of 2012, according to Beijing-based IT consulting firm iResearch. The company says the increase in online payments was facilitated by new business models such as point of sale payment options and online securities trading.
The competitive environment in the online payment industry remained stable in the first quarter, the consultant says. Alipay continues to hold the top spot with 47.8 percent market share, followed by Tenpay and Unionpay Online, which held 20.3 and 9.1 percent of the market share, respectively.