Alipay Overtakes PayPal in the Mobile Payments Market
Published on: 10th Feb 2014
Note -- this news article is more than a year old.
China's largest online payments processor Alipay says that it has overtaken PayPal to become the largest mobile payments provider in the world.
The company, owned by e-commerce giant, Alibaba says that it processes over USD148 billion worth of transactions through mobile devices during 2013.
According to Alipay's own estimates, that puts it at least three times the transaction volume of USA based PayPal.
In total the company has over 300 million registered users, of which 100 million are using its mobile services and who completed 2.78 billion transactions last year.
The company gained a significant boost during the recent 7-day Chinese New Year holidays, when many conventional bank branches were closed, driving customers to seek online alternatives, especially through the use of mobile money transfers.