China’s third-party internet payment transactions reached 4,058.43 billion yuan (USD 609.93 billion) in Q1 2016 with a year-on-year growth rate of 67% according to iResearch.
China’s third-party internet payment transactions on online shopping have been declining since Q1 2015 despite a slight increase in Q2, falling to 14.2% in Q1 2016. The share of the fund related transactions have increased from 18.9% in Q1 2015 to 21.9% in Q1 2016.
In terms of market share of China’s third-party internet payment providers, Alipay has 43.3% market share, followed by Tenpay (20.1%), Yinshangpay (11.1%), and 99Bill (7.0%).
Besides, Chinese internet users also make payment through WeChat banking. In another survey by iResearch, China WeChat banking users prefer to use WeChat banking on ICBC (37.9%), China Construction Bank (34%), and China Commercial Bank (28.1%). The top several WeChat banking that users use more often is ICBC (18.4%), China Construction Bank (15.9%), and Commercial Bank of China (15.2%).