- #Some china streetjournal ecny alipay wechat full#
- #Some china streetjournal ecny alipay wechat Offline#
#Some china streetjournal ecny alipay wechat full#
To access all the human insights from Third Bridge Forum’s China’s 2020 Digital Payment Industry – WeChat Pay vs Alipay Interview, click here to view the full transcript. The specialist commented that “its role in breaking up monopoly will be limited, but over time, it will play a significant part in forming a new settlement structure that is favoured by the PBOC and likely to pose a threat to WeChat Pay.” Details about other categories, such as social, were also covered.įinally, the conversation turned to the PBOC’s creation of a digital currency, its purpose, and what it could mean for the major players in this industry. On the commercial side, WeChat records about 760 million transactions per day at present, while for AliPay that figure stands at 680 million.
#Some china streetjournal ecny alipay wechat Offline#
The specialist gave an overview of the number of transactions in offline and online scenarios. China’s Alipay and WeChat Pay: Reaching Rural Users Today, the Alipay and WeChat Pay mobile wallets, which link users’ bank cards to a smartphone application, each has hundreds of millions of active users combined they hold 92 percent of market share (most users have both wallets). The discussion started with a recap of changes to the domestic market, including the transaction settlement processions of WeChat Pay and AliPay, as well as the response of these two companies to the PBOC’s policy changes, and some data on market shares during the past few years.ĭeterminants of transaction settlement fees were also covered, with the specialist noting that “there is no authority setting an official pricing standard for payment service fees” and highlighting the strategies of the two main companies. In fact, WeChat actually has a lot of partnerships set up with other Chinese companies which allow you to directly access them as a Mini Program.The state of play for China’s mobile payments industry JD is not the only app you can access thorugh WeChat. You are also able to directly access JD through the WeChat app. Similarly, thanks to a deal in 2015 between Tencent and Jing Dong, you are only able to use WeChat Pay as a mobile payment on JD. This is because they are both owned by Alibaba so it makes sense for their business not to allow their competitor WeChat Pay as an option on their shopping apps. You’ll see that the only usage Alipay has which WeChat Pay doesn’t is the shopping apps Taobao and TMall. In fact, there are now some shops and venues which only accept mobile payments. Whether it’s ordering food, getting a taxi, topping up your electricity, buying plane tickets or sending money to friends the sky really is the limit with these mobile payment apps. Yes, nowadays WeChat Pay and Alipay can be used for pretty much everything. WeChat Pay vs Alipay – What Can they be Used For?
Living in Beijing Part 1 | Being a Beijing Expat 🌎 What’s the Deal?īeijing is an incredibly large city, and because of this looking for apartments and getting prepared for living in Beijing can be extremely daunting. With more supported currencies and a much higher limit for withdrawals, you can see some of the ways that Alipay is more focused towards ecommerce and business. In the table below you can see some of the key differences between the two smart payment systems. As Alipay was originally created as a payment platform for the Alibaba website, it has become more of an escrow payment service. Popular uses are purchasing groceries, paying bills, transferring money to friends, sending red envelopes and other everyday transactions.Īlipay on the other hand puts more emphasis on e-commerce payment and financial services. WeChat Pay is more of a social app used by most users to navigate their daily life.
This means that although both systems can be used for similar things the focus of them is slightly different.
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