BEIJING - China's online third-party payment market reached 758.3 billion yuan ($120.49 billion) in the first quarter of 2012, a major tech and Internet information provider said Monday.

The figure represents a 90.9 percent year-on-year increase, and 2.7 percent increase compared to the last quarter of 2011, according to the results of a seasonal survey of China's online third-party payment market conducted by Analysys International.

The quarter-on-quarter decline in the industry's growth rate was due to the holiday season and the overdrawn consuming ability in the previous year-end sales promotion, said Zhang Meng, an analyst with the firm.