China’s third-party payment market had total transactions reaching US$1.127tn in the first half of 2013; China UMS is the leader in the nation’s third-party payment industry, taking a market share of 46.3%, followed by Alipay with 17.8%
August 4, 2013 Leave a comment
Third-party payment market in China worth RMB7tn so far this year
Liao Kuei-ju and Staff Reporter
2013-08-04
In the first half of 2013, China’s third-party payment market had total transactions reaching 6.91 trillion yuan (US$1.127tn), already achieving 66% of last year’s total, our sister paper Commercial Times reports, citing the China Electronic Information Industry Development Institute. The mainland is seeing slowing economic growth but its e-commerce industry has outperformed, with sales jumping more than 100% a year. To grab a slice of the pie, international credit card giant Visa in April began its certification program for third-party payment companies. On Aug. 1, Chinese third-party payment company Tenpay announced it will begin offering secure third-party payment services for international credit cards immediately.The hot business of third-party payments in China has triggered buying on internet-related stocks, with Zhejiang Hithink Flush Information Network Co on Thursday surging by the daily limit after announcing it will found a third-party payment unit. Other related shares such as Toocle.com and East Money Information Co jumped 7.31% and 7.65%, respectively.
In July, after the central People’s Bank of China issued the seventh round of third-party payment licenses, there are a total of 250 such companies.
China UMS is the leader in the nation’s third-party payment industry, taking a market share of 46.3%, followed by Alipay with 17.8%, and ChinaPnR third (no figure available).
In the first half of the year, China’s total transactions in third-party payments reached 6.91 trillion yuan, with bank cards and internet payments accounting for 4.46 trillion yuan (US$727.6bn) and 2.27 trillion yuan (US$370.3bn), jointly taking 97.4% of the total. Mobile payments made up only 1.5% of the total.
Although the mobile payment market is small at present, it is gradually expanding, with third-party payment firms keeping up investment in related technologies. As of the first half of 2013, China’s mobile payment market saw 99.34 billion yuan (US$16.2bn) in transactions, according to CCID Consulting.
About bambooinnovator
