Transaction volumes of the third-party payment sector exceeded 10 trillion yuan ($1.6 trillion) last year, said a report by the Payment and Clearing Association of China in late June.
Online payment accounts for nearly 70 percent of the sum. The emerging mobile payment service generated a little more than 181 billion yuan in transaction volume, according to the association.
The rapid growth of the mobile Internet sector plus Tencent's large user population may help the company explore new businesses, including financial services, according to Yu Xiaohui, chief engineer of the China Academy of Telecommunication Research under the Ministry of Industry and Information Technology.
"Mobile Internet is set to become the most desired segment for Chinese Internet companies as the nation is growing to become the second-largest Internet market after the United States," he added.
User numbers for WeChat saw a steady increase since its release in January 2011. The user population exceeded 300 million at the beginning of this year, with users outside the Chinese mainland hitting 70 million, according to Lau.
In addition to Hong Kong, Macao and Taiwan, WeChat's major markets include India, Thailand, Malaysia and Mexico.
WeChat will have at least 400 million users by the end of this year, Bloomberg News reported, citing Alicia Yap, an analyst at Barclays in Hong Kong. WeChat could produce annual revenue of up to 2.16 billion yuan if the app provides gaming and other related services, Yap said.
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