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Payments to non-financial companies grow by 43%
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PAYMENTS collected by China's non-financial payment companies such as UnionPay or Alipay grew by 43 percent in 2013 from a year earlier to a total of 17.9 trillion yuan (US$2.9 trillion).
The increase came as third-party payment service providers rushed to boost usage and grab market share in the mobile Internet sector.
China Unionpay Merchant Services Co has the largest share with 42.5 percent among non-financial payment institutions, followed by Alipay's 20.4 percent and 6.69 percent by Tencent's payment arm, according to Internet consultancy Analysys International.
There has been heated competition in the mobile payment sector as Internet giants including Baidu, Tencent and Alibaba offered various incentives to drive usage.
They have been keen to connect with offline merchants and smartphone applications to grow consumer awareness. Intense competition is expected this year, according to the research firm.
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