Alipay tops e-payment market

Despite frictions between online retailers and third party payment firms, it's still a popular and convenient way for consumers to do their online shopping.

According to data released by Analysys International, e-payment sales in the first quarter of this year totaled nearly 400 billion yuan, or about 62 billion US dollars. Alipay tops the market, with a share of 45 percent. It's followed by Tenpay, which holds 20 percent of the market, and then Unionpay, which has about 10 percent.

Industry insiders say the central bank's issuance of e-payment licenses allows firms to handle foreign exchange transactions, Internet payments, mobile payments and debit card services.

Posted in: Alipay tops e-payment market