GROWTH OF MOBILE PAYMENT SOLUTION
Chinese nationals are replacing cash and credit cards with digital wallets. Subject to annual foreign exchange quota, they prefer to shop using mobile payment apps both in China and overseas. Therefore, China is home to some of the world’s largest mobile payment platforms.
Alipay and WeChat Pay are the world’s largest mobile payment platforms which together account for 94% of the market share in China.
Alipay is owned by Alibaba Group, one of the world’s most valuable companies and have approximately 870 million users. When it comes to online commerce in China, Alipay is usually the first payment solution that comes to mind as it is owned by Alibaba Group. Alipay supports all mobile devices and computer browser and is the most popular online payment system in China as it has the highest number of actual paying customers.
WeChat Pay is a part of WeChat which is China’s most popular instant messaging app but yet much more than just a messenger service. WeChat is a whole ecosystem with messenger, social network, games and offers mini programs which can be ventured into eCommerce. WeChat Pay is owned by TenCent Group and has approximately 1 billion users. WeChat Pay supports all devices that work with WeChat. That is almost 90% of mobile devices used by Chinese consumers. What is important to note about WeChat pay is that it can be trickier to integrate it into a website, since the system was created with mobile devices as the platform of choice.
For businesses which wish to cater for Chinese consumers and provide the optimal conversion, it is unimaginable not to provide at least one of the preferred mobile payment solutions. Whether you are a retailer who wants to attract purchases from Chinese tourists or online seller who wants to sell cross border, it is highly recommended to offer these payment solutions.