The payment affiliate of Alibaba Group Holding, China's biggest e-commerce company, said it completed more mobile payment transactions last year than US-based PayPal and Square Inc combined.
More than 100 million users completed more than 2.78 billion mobile transactions with a total value topping 900 billion yuan (HK$1.15 trillion) in 2013, according to a posting on Alipay's Weibo account at the weekend.
In China, mobile transactions are becoming increasingly popular as more consumers use devices to buy everything from movie tickets to clothing.
Mobile payments are also driving the growth of e-commerce in Europe and the United States. At PayPal, a division of eBay, the volume of mobile payment nearly doubled to US$27 billion (HK$210.6 billion) last year, the company said last month.
Alipay said that at the end of last year, it had nearly 300 million real-name users, or nearly one-half of China's 618 million internet users. Alipay users completed 12.5 billion transactions in 2013.
Alibaba is expected to sell shares this year in what could be the biggest initial public offering since Facebook's 2012 float. REUTERS