Mobile payment kept growing quickly and laid a solid foundation for the size expansion of third-party payment transactions, stimulated by continuous expansion of mobile payment scenarios, deregulation of QR code payment and strengthening of promotion events of mobile payment institutions.
During the quarter, the reform of the fee rate on offline acquiring activities started, and the reduction of the fee rate made merchants more willing to accept bank cards, which promoted the expansion of the bank card-based acquiring market.
The mobile payment area remained the focus of competition of payment institutions. In Q3, more than 100 million participated in the cash-free day event of Wechat Pay, and the transaction sizes of money gifts, transfers and other social scenarios kept growing quickly. These stimulated rapid increase in the market share of Tenpay in the comprehensive payment area and Tenpay enhanced the market share to 18.80%.
99bill declared to attack the consumer finance area in Q2 and promoted FFan Express with every effort in Q3. While continuing the work to cover internal resources of its partner Wanda Group, 99bill accelerated the cooperation with Shanghai Heading. In Q3, 99bill started developing retail merchants under the flag of Shanghai Heading over a broad range in South China. In Q3, 99bill took 7% of the comprehensive payment market.
Also in Q3, Yeepay maintained continuous growth of the overall transaction size, benefiting from the growth of transaction volumes in the advantaged industries like aviation insurance and continuous upgrade of internal products such as the Investment Express.
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