Business

China's Online Payment Topped CNY13.9 Billion In First Quarter

According to the latest report of Analysys, the third-party payment market of China in the first quarter of this year reached CNY14.326 billion.

Of that total, CNY13.931 billion was from the online payment sector, accounting for 97% of the total and marking a 16% increase over the previous quarter. Analysys's report shows in the first quarter of 2007, payment conducted through mobile phones and telephones reached CNY321 million and CNY740,000, respectively.

The report says online payments was still the main means of payment of the third party payment market, with Alipay accounting for 50.3% of the total market shares and Chinapay and Tenpay following up to round out the top three.

From the beginning of 2007, China's e-payment industry has been in a full swing of development. It is estimated that the overall market scale will break CNY100 billion in 2008 and CNY280 billion in 2010 with an annual growth rate of over 60%.

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