State-run bank-card monopoly China UnionPay has formally launched its own payment app, Quick Pass, in an attempt to compete with the online mobile payment services of Alibaba Group and Tencent, South China Morning Post reported, citing state media. Data from the People’s Bank of China showed 4.54 billion transactions were carried out in the third quarter, totaling RMB18.2 trillion (US$2.819 trillion), an increase of 350% and nearly double over the same period last year. Analysys, an internet data provider, said Alipay commanded 74% of the market in the second quarter, followed by Tenpay, with 13.2%.
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