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Third-party payment market increases 91%
By Ding Yining |
May 7, 2012, Monday
|
Online Edition
Online Edition
CHINA'S third-party payment market size grew 91 percent to 758 billion yuan (US$120 billion) in the first quarter this year, according to an industry report.
The transaction volume added 2.7 percent quarter on quarter, lower than the 31 percent growth rate in the fourth quarter, because of lower-than-usual online spending during the New Year's Day holiday and Spring Festival, Beijing-based research firm Analysys International said in a report today.
Most of the online sales campaigns were carried out in the fourth quarter last year and courier services were also halted during the Spring Festival break.
Online shopping and air flights and hotel bookings were the two largest sectors for third-party payment.
At the same time, a dozen payment firms expanded to new sectors including online education, insurance and cross-border payment.
The transaction volume added 2.7 percent quarter on quarter, lower than the 31 percent growth rate in the fourth quarter, because of lower-than-usual online spending during the New Year's Day holiday and Spring Festival, Beijing-based research firm Analysys International said in a report today.
Most of the online sales campaigns were carried out in the fourth quarter last year and courier services were also halted during the Spring Festival break.
Online shopping and air flights and hotel bookings were the two largest sectors for third-party payment.
At the same time, a dozen payment firms expanded to new sectors including online education, insurance and cross-border payment.
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