According to EnfoDesk, China 3rd Party Internet payment market created historic high in 2011Q4. China 3rd Party Internet Payment has created RMB 738.6 Billion Yuan in 2011Q4, with a sequential growth rate being 30.9% and a year-on-year increase of 105%. The market keeps a rapid growth during the year of 2011. The rapid growth of 3rd party internet payment market is closely related to policies, seasonal promotions and in-depth development in segment industries.
The rapid growth in Q4, 2011 is due to the following factors:
- People’s Bank of China issued several policies and regulations for 3rd party payment market, such as the Administrative Measures for Prepaid Payment Business of Payment Institutions (draft for Comments), Tentative Measures for Management of Client Reserve Fund Deposits by Payment Institutions (draft for comments) and 3rd round of payment license for non-financial institutions. Even though those tentative methods still require for comments it shows that People’s Bank of China put great importance on 3rd party payment market. As a result, people in all walks and 3rd party payment enterprises themselves have more confidence in the healthy development of 3rd party payment market.
- Second, e-commerce market was full of activities. Tmall, 360buy, Amazon, Dangdang made large-scale promotions this quarter. Online shopping transactions promoted internet payment transactions. Additionally, large 3rd party payment platforms such as Tenpay, China Union Pay, Chinapnr, in cooperation with banks, online shopping platform, airline and others launched sales and promotions. The cooperation stimulated the growth of internet payment transactions.
- Third, 3rd party payment enterprises continued to expand their services in travel, logistics, insurance, education and other fields. On one hand, they established cooperation with new partners and deepened cooperation with previous partners; on the other hand, they expand their services to downstream in the industrial chain of segment service market. Taking advantage of internalization of traditional enterprises, 3rd party payment enterprises developed traditional industries with great effort.