Alipay, the online payment arm of e-commerce magnate Alibaba, remained the market leader in China’s third-party online payment market with a 54.1% share in the fourth quarter of 2016. They are trailed by rival Tenpay (财付通 in Chinese), the mobile payment service by internet giant Tencent, at 37.02%, a report by market research service Analysys shows (in Chinese). (Tenpay encompasses both WeChat Payment and QQ Wallet).

According to the report, China’s third party mobile payment market had a total transaction value of RMB 12.8 trillion in Q4 2016, up 41.7% QoQ, and 126% YoY.

With Alipay and Tenpay taking the lion’s share, other players combined took less than 10% shares in the market in Q4 2016.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.