This resulted in an increase in third-party online payment GMV: CNY 2.81 trillion in Q2 2015, up 52.9% year-over-year and 15.7% quarter-over-quarter respectively.
In addition, air ticket booking, online gaming and other traditional sectors maintained stable growth. These are the finding of a study released by market research company iResearch, enterpriseinnovation.net reports.
The fast growing fund purchase market, mainly monetary funds, also drove up third-party online payment GMV. China`s third-party mobile payment GMV amounted to CNY 2.3 trillion in Q2 2015, rising by 66% year-over-year and 14.7% quarter-over-quarter.
According to iResearch, the growth is attributed to four factors. First, the explosive growth of WeChat red envelope users expanded the user base and enhanced user stickiness. Second, the gradually mature business models of apps also fueled the extraordinary growth of mobile payment sector. Third, diversified offline payment scenarios was also an impetus. Fourth, mobile payment had cultivated a certain number of sticky users in Q2 and there were even long-tail users in some scenarios such as WeChat red envelope and some offline payment scenarios.
Online shopping captured 25% of online payments in Q2 2015, followed in turn by fund purchase at 21.5%, air ticket booking at 10.9%, payment for telecom fees at 3.9%, B2B ecommerce at 6% and online gaming at 2.3%.
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