BEIJING (Reuters) - The payment affiliate of Alibaba Group Holding Co., China’s biggest e-commerce company, said on Saturday it completed more mobile payment transactions in 2013 than U.S.-based PayPal and Square Inc. combined.
Last year, more than 100 million users completed over 2.78 billion mobile transactions with a total value topping 900 billion yuan (90.42 billion pounds), 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 U.S. At PayPal, a division of Ebay Inc., mobile payment volume nearly doubled to $27 billion (16 billion pounds) in 2013, 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, the company said.
Alibaba, which controls nearly 80 percent of China’s internet shopping market, is expected to sell shares this year in what could be the biggest initial public offering since Facebook Inc’s 2012 float. Alibaba’s value has been estimated between $115 billion and $200 billion.
Reporting by Matthew Miller; Editing by Richard Borsuk