Third party payments transactions in China neared the 60 trillion yuan threshold in the first quarter of 2019 according to a new report from Chinese consultancy Analysys (易观).
Analysys’s “China Third Party Payments Comprehensive Payments Market Quarterly Monitoring Report for Q1 2019” (中国第三方支付综合支付市场季度监测报告2019年第1季度) indicates that the total transaction volume of the comprehensive payment operations of China’s non-financial payments organisations was 58.95751 trillion yuan for the first three months of 2019, for an on-quarter rise of 0.97%.
According to the report steady growth in mobile payments transactions as well as a seasonal rebound in online payments helped to drive modest on-quarter growth in comprehensive payments levels.
China’s third party payment sector remains heavily dominated by just several large-scale fintech players.
In the first quarter Alipay, Tencent Financial Technology and ChinaUMS enjoyed market shares of 45.58%, 32.95% and 9.34% respectively, for a combined market share of 8788%.