As e-commerce shifts into full swing, China's third-party payment sector is receiving a heavy boost.

In 2011, the transaction value of the thirdparty payment industry amounted to 1.78 trillion yuan ($282.5 billion), skyrocketing 57.5 percent from a year ago, said a recent report of the Beijing-based consulting firm Analysys International.

The report also expected the transaction value to maintain rapid growth to reach 2.7 trillion yuan ($428.6 billion) in 2012.

"As competition intensifies, companies are increasingly exploring the emerging mobile payment market and enhancing innovation to lure customers," said Cao Fei, an analyst with the Analysys International.