The issuance of Management Measures for Payment and Settlement Organizations has played an important role in this growth, leading to an alleviation of the malicious market competition in the country. The central bank will develop a payment service organization system led by the Peoples Bank, supported by banking financial institutions and assisted by payment organizations.
The number of users is expected to increase from 52 million in 2008 to over 90 million in 2009, while the online payment market will hit EUR 42.28 billion (CNY 430 billion), up from EUR 20.65 billion (CNY 210 billion) in the previous year. In July 2009, Chinese Alibaba Groups online payment division Alipay reached the 200 million user milestone, with daily trading volume of EUR 68.83 million (CNY 700 million) and 4 million transactions daily.
The China Online Payment Industry Report was released by ResearchInChina, a provider of China business intelligence.
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