China's Tencent on May 15 said revenue for its newly-created financial technology and business services segment increased 44% year-on-year to 21.8 billion yuan in the three months to March. It accounted for 25% of total revenue in the quarter.
That is the first time the company separately disclosed revenue for these businesses, which includes mobile payments and cloud computing. China's third-party mobile payments market was worth 47.2 trillion yuan in the three months to December, according to research firm Analysys. Ant Financials' Alipay had a leading 53% market share, followed by Tencent's Tenpay with a 39% share.
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