Mobile payments have been a major trend in 2017, especially for China.

This comes as no surprise, with China’s expanding tech-savvy middle class causing e-commerce apps such as Alipay, WeChat and e-commerce mammoth JD.com to grow tremendously over the latter quarters of 2017.

According to a report released by internet research firm Analysys yesterday, the number of transactions in China’s B2C online retail market reached 985.4 billion in the third quarter of 2017. That’s up 39.1% from the same quarter last year.

According to that report, the volume of China’s mobile payments was more than 29 trillion RMB ($4.5 trillion) in Q3’17 alone, 28% higher than the previous quarter.

Of course, that number is likely to only get higher in Q4’17, since that’s the quarter during which Alibaba Group hosts its Singles Day shopping event. For this event, it processed nearly 1.5 billion transactions, most of which occurred over Alipay.

Read the full report here.

Learn more about mobile payments at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.