WeChat Pay and Alipay both provide online and in-store payment services. These two e-wallets almost monopolise the Chinese payment market, even the oversea market where Chinese live. Last year WeChat and Alipay reported a combined 1.1 billion active users and accounted for over 90% of China’s mobile payments. What’s more, WeChat Pay announced that their services are available in more than 40 countries and regions, support multiple currencies, while Alipay also supports around 30 kinds of currency and provide services in the worldwide.
In China, more than 800 million people use WeChat and Alipay to do payment and deal with other daily stuff. You may ask why most of the mobile users in China they install WeChat and Alipay in their devices at the same time. The reason is that these two payment platforms apply in different scenarios.
WeChat pay is more applied in social scenarios, due to the fact that WeChat is a multi-purpose messaging, social media and mobile payment App. The payment is only one of the functions. So it is more related to social things, such as transferring money to your friends or family in a message box, sending lucky money to contacts, paying your utility or phone bills, ordering foods and shopping, etc.
However, Alipay is more inclined to deal with “money”, so when it comes to online shopping, large amounts transfer, even wealth management, more people will choose to use Alipay. Now it has solved the quota regulation of the central bank through online commercial Banks. Alipay builds its own financial system on credit rating, debt(HuaBei), financial derivatives and enhanced the advantages of financial management. Meanwhile, it continues to strengthen the online and offline shopping experience and subsidies, strengthen the retail shopping attribute, exploring and optimising the new function of payment.
Payment solutions of WeChat Pay and Alipay offer can satisfy the majority paying needs and available in all aspects of Chinese people’s daily life.
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