Want China Times, Xinhua 2014-07-08
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| A payment made through a mobile payment service. (File photo/CNS) |
From buying
dinners through various apps to managing personal finances on smartphones,
internet finance has permeated daily life in China.
Now, a
report in the latest edition of Beijing-published Caijing Magazine has labeled
internet finance an "overthrowing of tradition," backed by surging
transactions online.
The value
of transactions via online banking services reached 352.1 trillion yuan
(US$57.1 trillion) in the first quarter of this year in China, up 7.8% from the
previous quarter, the report said, citing data from Analysys, a provider of
information services for China's internet market. The nation's top four
state-owned commercial banks accounted for more than 70% of the market share.
Cell phone
banking services saw even faster growth in the first quarter, with their value
topping 5.5 trillion yuan (US$886 billion), up 23.1% quarter on quarter, the
data showed. China Construction Bank, the country's second-largest lender, led
in mobile banking transactions with a 33.6% market share, according to
Analysys.
But the
most eye-catching growth has come from mobile payment transactions via
third-party payment platforms. Mobile payment services, offered by leaders such
as Alibaba's Alipay and Tencent's Tenpay, hit 1.63 trillion yuan (US$262
billion) in the first quarter, up 110.5% from the previous quarter, the data
showed.
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