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With the increasing popularity of mobile payment systems, Alipay and WeChat Pay are among the two most widely used payment methods in our everyday lives. What is the difference between these two? The latest data from Analysys Think Tank gives the answer.
On May 17, Analysys Think Tank released "China's Third-partyMobile Payment Market Quarterly Monitoring Report" of the first quarter of 2017. Data shows that China's third-party mobile payment market reached $18,809 billion in the first quarter of 2017, of which Alipay accounted for 53.7% while WeChat Pay accounted 39.51%.
These two payments together have over 90 percent market share, Alipay leads WeChat Pay by 14 percent. From this perspective, the domestic mobile payment market has entered the duopoly situation. Due to the red envelopes the Chinese New Year, the first quarter is the traditional high season for WeChat Pay. However, the first quarter for Alipay in terms of e-commerce and travelling expenses is a low season. However, there are some media outlets reporting that Alipay’s daily active users grew 40% in the first quarter, nearly 100% of year-on-year growth. WeChat Pay’s market share rose slowly, increasing by 22% in the first three quarters of 2016 and by 1.4% in the last three quarters.
According to the industry analysis, the reason Alipay’s daily active users have risen sharply and have a solid market share is not just for public interest accumulation (such as Ant Forest), insurance and other sectors in the past, but also for its exploration in the field of business and finance in recent quarters. Do you use Alipay or Wechat Pay for your daily shopping?
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