According to iResearch Consulting Group,the fast development of online wealth management and online credit services in Internet finance industry fueled the steady growth of China’s third-party payment industry. As the competition shifted from PCs to mobiles for China’s third-party payment companies represented by Alipay and Tenpay, market share of second-echelon third-party payment companies expanded compared with 2016. Currently, second-echelon companies are actively making their own advantages into full play, diversifying their development strategy and deepening their development in segment markets. In the future, Internet payment companies may face a lot of opportunities as well as challenges.
In 2017, Internet finance (including financial product sales and online lending services) accounted for 40.0% in China’s third-party online payment industry by transactions; personal businesses (including money transfer and credit card repayments) took up 27.4%; online consumption (including online shopping, O2O businesses and flight/travel services) accounted for 15.4%; and recharging (including local service payments, telecom fee recharging, online games recharging and visual products) took of 2.4% of the general third-party online payment transaction volume.