The third-party comprehensive payment market picked up in Q3 after its sluggish start this year, which reached 54.94 trillion yuan (US$8.01T) with a growth of 7.99% quarter-on-quarter. Alipay, Tencent Finance, and UnionPay combined accounted for 87.5% of the total.
China's non-financial institutes that provide payment services processed around 54.94 trillion yuan-valued transactions in Q3 2018, an increase of 7.99% quarter-on-quarter. Such growth was primarily driven by mobile payment since both the top players Alipay and Tencent Finance have launched its financial platforms.
Alipay took the first spot with a share of 45.64%, followed by Tencent Finance (32.11%) and UnionPay (9.75%). Find out online payment overview here or mobile payment usage details here.
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