In Q1 2012, China’s online payment volume has reached USD 123.4 billion (CNY 776 billion), a recent study has unveiled.

According to results released by Chinese IT consulting firm iResearch, the figure represents a 112.6-percent y-o-y growth and a 1.2 percent increase as compared to the corresponding period of the previous year.

The survey has also pointed out that during the period under review, online payments in China have been facilitated by booming new business models such as point of sale (POS) payment options and online securities trading.

With regard to main market players, research has shown that the online payment industry has remained stable in Q1 2012. According to the source, Alipay has continued to top the market with a market share of 47.8 percent, followed by Tenpay and UnionPay Online, which have accounted for 20.3 and 9.1 percent of the market share, respectively.

However, the findings have also indicated that China's online payment industry still faces various pressures, including tightened regulations imposed on the industry, the expansion of emerging markets and profitability requirements.