The total transaction volume by Chinese independent mobile payments services reached 1219.74 billion yuan (roughly $200bn) in 2013, a 707% year-over-year increase, according to the latest report by online tracking and data analysis service iResearch.

The independent iResearch refers to are all payments services excluding those by conventional banks and China UnionPay, the bankcard association. And ‘payments’ include peer-to-peer money transfers.

Source: iResearch

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com