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China’s online payment sector set to soar by 2014

Third-party payment firms in China that provide easy channels for purchasing goods or services online are proliferating, both in numbers and in the breadth of services they provide.

At the end of 2011, China’s central bank licensed 101 payment-services operators, including big players like ChinaPay, Union Mobile Pay, Alibaba’s Alipay and Tencent’s Tenpay.

The overall online-payment market doubled last year to CNY2.16 trillion (USD343 billion), according to research firm Analysys International. By 2014, transaction volume is forecast to reach almost CNY10 trillion. 

(Source: Shanghai Daily )