China’s 3rd party online payment transactions dipped slightly in Q1 2013

According to iResearch, the total transaction value of China’s 3rd party online payment in 2013 Q, for the first time, declined slightly from last quarter’s 1,065 billion to 1,018 billion, -4.4% quarter-on-quarter. After the staggering growth over the last ten years, China’s 3rd party online payment market has entered a more mature stage of development. This dip largely resulted from the increasing commoditized and homogenous products and services – 3rd party players need more innovative products to improve their services and boost their revenue in the future.

Alipay is still the biggest 3rd party player, accounting for 48% market share, followed by China UnionPay with 20% market share.