The online payment culture
Within the Asia Paciﬁc region, the most common type of online payment method is the digital wallet, with a 46% market share. And local payment cards are second with a 30% market share.
Therefore, the card market is dominated by local payment brands and minor players with a combined 86% market share.
UnionPay is the largest card payment brand in the world with approximately 7.5 billion issued cards, including over 100 million outside of mainland China.
Moreover, UnionPay is constantly evolving, with the addition of new mobile payment methods including mobile flash payments, UnionPay QR codes, and the UnionPay app. UnionPay’s acceptance rate has reached 90% in the Asia Paciﬁc region.
The digital wallet Alipay is China’s leading online payment service, in terms of the number of users and total transaction volume. It has more than 1.3 billion annual active users and processed $17 trillion in transactions in mainland China. More than 80 million businesses use Alipay on average every month.
With more than 800 million users worldwide embedded within the app, WeChat pay has approximately 1.2 billion monthly active users around the world. Its unique, integrated approach enables users to book and pay for items all using the WeChat platform.
Drive business growth by offering the local payment methods your customers prefer in each market you serve.
Offer the right payment mix to increase conversion rates, reduce cart abandonment, and help grow revenue.
3. Optimise your costs
Reduce your total cost of acceptance by offering lower-cost payment methods when and where they are available.
4. Reduce fraud and transaction disputes
Payments with higher levels of customer authentication typically result in lower fraud rates.
Learn more about Alipay+ and Globepay by contacting email@example.com
Level 2, 30 Churchill Pl, London E14 5RE
020 8226 5115 (24/7)
Download our app
WeChat Official Account
WhatsApp Business Account
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