Solution Portfolio - Page 148



Part 1
Part 2
Leading the world in mobile payments:
Alipay and WeChat Pay
Part 3
Part 4
What is the difference between Alipay and WeChat Pay?
At rst sight the two payment methods appear very similar and provide the same payment experience (users
open the app and scan the QR to complete the payment), but there are a few substantial differences that are
worth mentioning.
Opening an account is mandatory in order to start
WeChat Pay is integrated into the WeChat app. That
using Alipay.
means users automatically receive a payment account
as soon as they register to WeChat.
Alipay is a bit more complicated to use when
WeChat Pay is very simple and straightforward to use
compared to WeChat Pay, as Alipay payment platform
and this is the secret of its success. Besides payments,
offers services similar to a bank. For instance, Alipay
WeChat Pay is commonly used to transfer money
has a product called “Huabei” which works like a credit
between friends and people, and therefore transactions
card but without the need to have one.
are smaller in amount but more frequent than Alipay.
Other differences between the two include the
WeChat Pay only supports smartphones with WeChat
currencies supported, devices supported, and
app.
transaction fees. Currently, Alipay supports all
smartphones, tablets and computers.
Alipay can currently handle 18 different currencies .
WeChat Pay supports only 9 currencies.
One of the most attractive aspects of using Alipay
Transaction fees structure with WeChat Pay is very
from consumer’s perspective is that there are no
similar to Alipay – it is free for most transactions. The
transaction fees except on large withdrawals.
fees of 0.1% start at withdrawals over 10,000 RMB as
Currently, the fee is set to modest 0.1% for
well as overseas transactions such as in case of cross
withdrawals of over 20,000 RMB. This way, Alipay is
border commerce. An easy work around to avoid paying
attempting to keep as much cash as possible
those fees is to buy WeChat’s various wealth
circulating within the system. On the other side of sale,
management products and then move the money from
merchants are charged 0.55% transaction fee .
there back to user’s bank account.
Comparing these numbers with 3-4% fees applied by
credit card companies helps explain Alipay’s appeal to
all types of vendors.
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
27

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