China's online business exceeds 1 trillion yuan in 2010

In the fourth quarter of 2010, the scale of Internet online payment market transactions reached 360.3 billion yuan, up 24% year on year. The transaction volume reached 1.09 trillion yuan in 2010, a year-on-year growth of 96 percent, data released by Analysys International on Wednesday showed.
Zhang Meng, an analyst with Analysys International, attributed the boom to the "non-financial institutions, payment service management approach" issued by the central bank last year, which, gave legal status to third-party payment companies.
Stimulated by favorable policies, third-party payment companies have increased investment and set up special operations team for aviation, insurance, funds and other sub-industries to increase market expansion. In addition, the vigorous growth of e-commerce market and a number of large-scale promotional activities by online shopping platforms also boosted the third party payment transactions.
By People's Daily Online