Alibaba payment arm says it handled $186b in transactions in 2013
Published on Feb 8, 2014 8:31 PM
BEIJING (REUTERS) - The payment affiliate of Alibaba Group Holding, China's biggest e-commerce company, said on Saturday it completed more mobile payment transactions in 2013 than United States-based PayPal and Square combined.
Last year, more than 100 million users completed over 2.78 billion mobile transactions with a total value topping 900 billion yuan (S$186.74 billion), according to a posting on Alipay's Weibo microblogging account.
In China, mobile transactions are becoming increasingly popular as more consumers use devices to buy everything from movie tickets to clothing.
Mobile payments also are driving the growth of e-commerce in Europe and the US. At PayPal, a division of Ebay Inc., mobile payment volume nearly doubled to US$27 billion (S$34.2 billion) in 2013, the company said last month.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here