(Yicai Global) Oct. 6 -- The volume of transactions made through China's third-party mobile payment market hit CNY23.04 trillion (USD3.49 trillion) in the second quarter of this year, up 22.5 percent from the first, state-owned news agency Xinhua quoted a report by internet research organization Analysis International as saying.

During the period, e-commerce and other industries grew quickly, with the increase in transactions and other factors contributing largely to the rapid growth of the third-party mobile payment market, the report added.

Tech giants Alibaba Group Holding Ltd. [NYSE:BABA] and Tencent Holdings Ltd. [HKG:0700] dominated the market, with the former's Alipay making up 53.7 percent of transactions and the latter taking 39.12 percent with its WeChat and QQ payment services.