China’s third-party online payment market had total transactions of over US$820 billion in Q1 2017, led by Alipay (34.7%) and UnionPay, while mobile payment transactions reached US$2,761.78 billion in China, led by Alipay (53.7%) and Tencent Finance.
The total transactions of China’s third-party online payment market were 5,584.831 billion yuan (US$820.03 billion) in the first quarter of 2017 with an increase of 6.96% QoQ.
Alipay continued to lead China’s online payment market with 34.71% market share by the total transaction in Q1 2017, followed by UnionPay (22.44%) and Tencent Finance (15.37%). The top three institutions combined account for 72.52% of China’s online payment market.
The total transactions of China’s third-party mobile payment market reached 18,809.12 billion yuan (US$2,761.78 bn) with an increase of 46.78% QoQ in Q1 2017.
Alipay has 53.7% market share in China’s mobile payment market in Q1 2017 followed by Tencent Finance (39.51%).
Tencent Finance ranks first in terms of the number of active users in Q1 2017 (841.26 million), followed by Alipay (491.98 million) and Baidu Wallet (68.21 million).