Alipay, the payments affiliate of Alibaba, leads the market for online third-party payment services in China, according to a recent iResesarch, a Chinese market research firm.

Alipay controls nearly half of the Chinese market, reporting a 49% market share. Tenpay, a payment service offered by Chinese Internet giant Tencent, is Alipay's closest competitor with 20% market share.

Companies with the remaining share include YinShang, 99Bill, Chinapnr and Yeepay and iPS.

The gross market value of China's third-party payment system is 2.02 trillion yuan, or $330 billion, according to the report. 

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