Solution Portfolio - Page 145



Part 1
Part 2
Leading the world in mobile payments:
Alipay and WeChat Pay
Part 4
Part 3
ALIPAY AND WECHAT PAY:
THE PIONEERS OF MOBILE PAYMENT SERVICES
Alipay and WeChat Pay are the global leaders when
share is 54%, WeChat Pay follows with 40%, the
it comes to mobile payments. Alipay is a subsidiary of
remaining is lled by smaller players like 1qianbao,
Alibaba Holding Group Ltd and it is used by Alibaba’s
Union Mobile Pay, JD Wallet etc.
e-commerce network; WeChat Pay is a Tencent’s
subsidiary and available through the app WeChat
Both payment platforms are integrated into their
(Weixin in Chinese) which is the most popular social
social media platforms and offer a broad portfolio of
media app in China with more than 1 billion users.
city services. Users can book long distance
transportation, pay trafc nes, taxes and annual car
If we look at percentages, numbers scream out their
registration
through
the
service,
evident inuence and authority: Alipay market
registering for marriage or childbirth.
on
top
of
Alipay
Alipay was founded in 2004 as a third party
credit card repayment and mobile phone recharge.
payment platform so that customers on the Alibaba
On the top of that, it also provides wealth
website could pay in the easiest possible way. It
management services such as Yu’E Bao which is a
took only 6 months to become the biggest mobile
new money market fund of Alibaba, where users
service provider in the world. With around 50
can save their money and make some prots.
percent of the market share, Alipay is by far the
largest payment option in China.
How could Alipay achieve such a success in such a
short time? Its unstoppable growth is due to three
Describing Alipay as a generic payment system is a
main reasons – the operation model, the prot
bit reductive, its payment services portfolio
model and the safety model.
includes secured transaction, payment, transfer,
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
24

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