Third-party mobile payments in China amounted to 106.41 billion yuan ($17.24 billion) in the second quarter of this year, soaring 64.7% quarter-on-quarter, according to 2013 Q2 China Mobile Payments Market Report released by iResearch. Alipay hits the No.1 spots both in overall market share and mobile Internet payment with 60.7% and 75%, respectively.
2012Q1-Q2 Market Share of Chinese Third-party Mobile Payment Enterprises
The turnover of far-field mobile online payment surged 90.7% quarter-over-quarter to 85.24 billion yuan, representing 80.1% of the total mobile payment turnover. Carrier billing (through text messages) and near field communication payment makes up 17.4% and 2.5%, respectively.
The surge in mobile payment sector is attributable to burgeoning development and convenience of mobile e-commerce, as well as the active participation of various players of the industry chain, noted Xie Chun, analyst with iResearch.
image credit: iResearch