As Alipay was originally created as a payment platform for the Alibaba website, it has become more of an escrow payment service. In the table below you can see some of the key differences between the two smart payment systems. 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. 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. WeChat Pay vs Alipay – What Can they be Used For? Yes, nowadays WeChat Pay and Alipay can be used for pretty much everything. 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. In fact, there are now some shops and venues which only accept mobile payments. You’ll see that the only usage Alipay has which WeChat Pay doesn’t is the shopping apps Taobao and TMall. 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. 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. You are also able to directly access JD through the WeChat app. 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. 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. 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 specialist gave an overview of the number of transactions in offline and online scenarios. #Some china streetjournal ecny alipay wechat Offline# On the commercial side, WeChat records about 760 million transactions per day at present, while for AliPay that figure stands at 680 million. 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. 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. #Some china streetjournal ecny alipay wechat full# #Some china streetjournal ecny alipay wechat Offline#.#Some china streetjournal ecny alipay wechat full#.
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