Fueled by ecommerce, mobile transactions and P2P payments, third-party payment plays a central role in the everyday transactions of Chinese consumers. In Q2 2014, GMV of China third-party online payment reached 1,840.66 billion Yuan (USD $299 billion), with year over year growth of 64.1% but quarter over quarter drop of 1.7%. (Source: iResearch)
In terms of third-party payment platforms, Alipay ranks first with the share of 48.8%, Tenpay as the second by 19.8%, UnionPay Online 11.4%, 99 Bill 6.6%, ChinaPnR 5.4%, YeePay 3.2% and iPS 2.7%. The USD $146 billion in payments processed by Alipay totally overshadows the USD $55 billion in total payments that Paypal processed during the same period. In other words, Alipay processes 265% more payments than Paypal.