China's third-party mobile payment market continues rapid expansion
Robust growth of e-commerce in China and other financial trading is causing a rapid expansion in third party mobile payments.
Alibaba and Tencent, China's two giants in mobile payments. [File photo: news.ifeng.com]
According to a new report from Beijing-based marketing consultancy firm Analysys International, in the second quarter of 2017, payments amounted to 23 trillion yuan, about 3.46 trillion U.S. dollars, up 22.5 percent from the previous quarter.
China's two Internet giants, Alibaba and Tencent, are leading the field with 92.8 percent of the market between them.
According to the latest figures, China had 724 million mobile phone users by the end of June this year.
More than 35 percent of them often made mobile payments, while 31.8 percent still favored cash or credit cards.