China's online payment value nearly doubled from a year ago with increasing number of users shopping online, a latest research report from an Internet consultancy showed.

The online payment market totaled US$212.1 billion yuan (US$31.1 billion) in the first quarter, a 93.5 percent jump from that of last year, according to Beijing-based iResearch Inc.

The firm also estimated the online payment industry will continue to grow rapidly in the near future.

Alibaba Group's Alipay leads the market with 47.1 percent, followed by Tenpay from Tencent with 20.4 percent. The other online payment providers each had a market share of below 10 percent.