CHINA ONLINE PAYMENT MARKET TOPPED CNY1TRN LAST YEAR

AsiaInfo Services
02-10-2011
China Online Payment Market Topped CNY1trn Last Year

BEIJING, Feb 10, 2011 (SinoCast Daily Business Beat via COMTEX) -- The Chinese online payment market reached CNY 360.25 billion in the fourth quarter of 2010, rising 24% from a quarter earlier. The figure amounted to CNY 1.0858 trillion in the full year, jumping 96%, according to the latest report by Analysys International.

Analysts point out that third-party payment service providers formed special teams for business expansion in the fields of aviation, insurance and fund, since the People's Bank of China (PBC) decided to grant them licenses and allow them to join super online banking system.

Besides, the e-commerce market experienced robust growth last year and online shopping platforms kicked off large-scale promotions, which boosted the transaction value of third-party payment service providers.

Earlier, on December 23, 2010, Analysys International predicted in a report that the Chinese online payment market would reach CNY 1.071 trillion in the full year, leaping 93%. Meanwhile, the market research firm believed that third-party payment service providers qualified by the PBC would kick off mergers and acquisitions to reshuffle the whole market.

Source: www.beijingtimes.com.cn (February 10, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Online/Direct Banking
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payment
market
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e-commerce
online shopping

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