SHANGHAI -- China's online payments hit 776 billion yuan ($123.38 billion) in the first quarter of 2012, according to statistics released Friday.

The figure represents a 112.6-percent year-on-year increase, as well as a 1.2-percent increase compared to the last quarter of 2011, according to statistics published by Beijing-based IT consulting firm iResearch.

In the first quarter, online payments in China had been facilitated by booming new business models such as point of sale (POS) payment options and online securities trading, said the company.

The market pattern of the online payment industry remained stable in the first quarter. Alipay continued to top the market with a market share of 47.8 percent, followed by Tenpay and Unionpay Online, which held 20.3 and 9.1 percent of the market share, respectively.

China's online payment industry still faces various pressures, including tightened regulations imposed on the industry, the expansion of emerging markets and profitability requirements.