China third-party mobile payment market up 27.9% in Q4

BEIJING - China's third-party mobile payment market expanded 27.9 percent quarter on quarter in the fourth quarter of last year, according to market research firm Analysys International.

The value of third-party mobile payment transactions during the three months totalled 37.7 trillion yuan ($6 trillion), Analysys International said in a research note.

The traditional e-commerce boom in the fourth quarter and more people using mobile payment services spurred the growth in mobile transactions, it said.

China's third-party mobile payment market has been growing rapidly in recent years, offering consumers a more convenient alternative to bank payment channels.

Alipay operated by Alibaba affiliate Ant Financial and Tencent Financial dominated with 54.26 percent and 38.15 percent of the market, respectively.