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 markets.
Position: Digital Open Platform vs. E-wallet
Alipay is now a leading digital open platform evolved from a payment tool, 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?
Function: payment and other everyday services provider vs social media platform
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. Over the years, Alipay has evolved into an open platform that facilitates the digital operations of merchants in a wide range of industries in daily life, to better connect and serve consumers. Morning Consult’s Most Trusted Brands 2022 ranked Alipay as the most trusted brand among Chinese consumers.
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.
Gateway: independent app vs integration within app
Alipay is an independent financial app, originally designed to facilitate payments for Alibaba users. Its focus is more on serving the digital needs of the tens of millions of small and micro businesses as well as its 1 billion users.
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.
Now you know the difference between Alipay and WeChat Pay, how can GlobePay help you?
GlobePay is the official UK partner of Alipay and WeChat Pay. Therefore, we are in a better position to help your UK business add the most popular Asian payment solutions. In that case, your business will have unique access to a vast amount of users frequenting the popular platforms. Connecting to Chinese tourists, students and consumers are instantly clear and familiar with GlobePay payment solutions.
For more:
Click here for Everything You Need to Know About WeChat and WeChat Pay
