According to The Seasonal Survey of the China non-financial Institutions Market in Q3, 2014released by Analysys International, transaction sizes of Chinese non-financial institutions hit 8.28 trillion in Q3, 2014, with a sequential growth rate rising14.1 percent. The stable conditions of online financial transactions and high market activity in the travel and retail sectors during Q3 allowed non-financial institutions to recover from the Q2 slump and achieve rapid development.


 

On September 10, 2014The People's Bank of China issued a formal penalty to four third-party payment companies: China PNR, FUIOU, YEEPAY.COM and vbill.cn.  It asked them to withdraw their existing acquiring business in specific provinces and cities. At present, many payment companies are changing their business models, thus accelerating restructuring of the payment industry in general
 

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According to Analysys’ statistics on integrated payment transactions of non-financial institutions in Q3, 2014, China ums, Alipay and Tenpay maintain the largest market shares with38.27%, 31.72% and 6.81%, respectively.



 

Alipay wallet, which opened in Q3, accelerated the platform strategy and improved payment services, data analysis, membership management, and marketing. Mobile financial services remained stable through Q3 and the continued development of transfer transactions has become a significant component of mobile payments. Nearly 50% of Alipay wallet’s mobile transactions were transfers and credit card payments. Wechat Payment also started a service for payments between friends and face-to-face payments this quarter, leading Wechat payment transactions to new heights.

Meanwhile, the number of mobile QQ Payment users broke 90 million in the third quarter. Also, Tenpay completed paired layout in mobile payments.

 

99bill.com launched a Cloud membership management system and simple financial products in July to improve precision marketing and small businesses financing in secondary marketing. In addition, they also entered into a strategic partnership with Taiwan's leading financial services institutions, Mega International Commercial Bank and Yuanta Bank. Now, they execute comprehensive two-way cross-border services.
 

 

Currently, China PNR actively develops new financial services to reduce the negative impact of POS acquiring business and quickly achieve transformation. China PNR has access to more than 400 P2P platforms wi th escrow accounts being nearly 2 million. They also recently introduced a P2P hosting query system for real-time monitoring of P2P platforms’ access to China PNR funds management system.