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Alipay surpasses PayPal as leading mobile payments platform

Mobile payment company Alipay, an affiliate of China's largest online retail company Alibaba, said it has completed more mobile payment transactions in 2013 than US-based PayPal and Square Inc combined.

The firm confirmed that more than 100 million users completed 2.78 billion transactions via mobile payment technology.

According to Alipay, the total value of the purchases topped $148 billion in 2013.

Mobile payments are driving purchases all over the world, with the technology becoming popular and more common in Europe, the US and China.

PayPal's figures indicate that the volume of mobile payments it processed almost doubled to $27 billion in 2013.

Alibaba is making headway in the US as well as its home nation of China, as the company has unveiled plans to launch a US e-commerce website through its subsidiaries Vendio and Auctiva.

The e-commerce firm is also expected to sell shares this year, in what could be the biggest initial public offering since Facebook's 2012 float.

By Asim Shah