WeChat Pay and Alipay are the two most popular mobile payment methods amongst the Chinese customers
With over 400 million active users generating over US$ 2.83 trillion transactions last year, WeChat Pay (or Tenpay) and Alipay are playing a pivotal role in Chinese customers experience.
Non-bank payment institutions in China processed a total number of 25.895 billion transactions or RMB 16.51 trillion in 2015, an increase of 101.47% and 102.83% respectively according to People’s Bank of China. Wherein the mobile payment reached 5.633 billion transactions totaling RMB 23.46 trillion.
In 2015, 30% customers of McDonald’s made payment using WeChat, the top payment option along with cash payment (30%) and followed by Alipay (21%).
Chinese customers rely heavily on these payment methods. Thanks to the launch of WeCihat City Service last year, users can now use it for purchasing lunch, online shopping, paying taxi fare or utility bills, making appointment at hospital, and even buying holiday package, In short, WeChat Pay and AliPay are inevitable for their daily life.
Currently, the number of offline retail stores integrated with WeChat Payment has exceeded 300,000. WeChat is planning to roll out its payment service to overseas markets such as UK, Canada, Australia and Japan in 2016