Third-Party Internet Payments in China Reach USD885 Billion in Q4 2016, Says Research Institute
Yicai Global
/SOURCE : Yicai
Third-Party Internet Payments in China Reach USD885 Billion in Q4 2016, Says Research Institute

(Yicai Global) April 12 -- China's third-party internet payments reached CNY6.1 trillion (USD885 billion) in the fourth quarter of 2016, with a 71.2 percent growth over the previous year and a 16.2 percent increase over the third quarter of 2016, Xinhua news agency reported, citing a report by internet research institute iResearch.

The report says despite powerful influence and widespread use of mobile payment, the current users are still in a transitional juncture from earlier PC to mobile terminal. As the transition would last for a long period, internet payment is expected to maintain a growth rate ranging from 12 percent to 15 percent year-on-year in 2017.

In terms of payment breakdown, internet finance, personal business and online consumption made up the lion's share, with 32.3 percent, 31.7 percent and 22.5 percent, respectively.

As for the market share, Alibaba's Alipay grabbed the largest slice, 42.7 percent, followed by Tencent's TenPay and UnionPay Merchants Services (UMS), accounting for 19.2 percent and 10 percent, respectively.

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Keywords: Fintech , Internet