So you might have heard of Alipay and WeChat Pay in passing. But you might be wondering: what do these platforms do? On the surface, both offer similar services. However on closer inspection, they have different focus areas within the Chinese and global market.
Alipay is an online payment platform associated with Alibaba Group, a multinational e-commerce company founded in 1999.
Whereas WeChat Pay is a digital E-wallet within the WeChat social media platform – which has over 1.2 billion active monthly users! Did you know WeChat is the 5th most popular social media platform – after Facebook, YouTube, Whatsapp and Facebook Messenger?
Alibaba developed Alipay to create a streamlined payment experience for existing customers. In 2019, Alibaba achieved $56 million in revenue. Therefore Alipay, as a branch of the e-commerce business, Alibaba, has considerable influence over the retail, e-commerce and wholesale global market.
WeChat began in 2011 as a Chinese instant messaging app. Within a year it had over 100 million active users. Since then the app has evolved into a multi-function platform, where you can check the weather, book movie tickets, a taxi, pay utility bills and even browse real estate! WeChat Pay covers a multitude of daily transactions focused on digitising the everyday.
Alipay is an independent financial app, designed to facilitate payments for Alibaba users. Its focus is more on formal business and financial services such as money investment (Yu’e Bao) and credit rating (Sesame Credit).
WeChat Pay, on the other hand, is a function of the social media platform, WeChat. It is perfect for curating a brand image and building customer loyalty.
GlobePay is the official UK partner of Alipay and WeChat Pay. And so has unique access to a vast amount of users frequenting the popular platforms. Connecting to Chinese tourists, students and consumers is instantly clear and familiar with GlobePay payment solutions and advertising.
Click here for Everything You Need to Know About WeChat and WeChat Pay
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