Ant Financial’s Alipay leads the mobile payments market in China according to a new chart by GlobalWebIndex. It is followed by WeChat Pay at the second position. Due to a combination of increasing smartphone performance and a lack of pre-existing credit card infrastructure, their owners Ant Financial and Tencent have become the go-to services for financial transactions. Thirty-eight per cent in China use Alipay, and a third of internet users there pay with WeChat.
GWI also highlights that there is a lot of overlap between the two groups. Eighty-three per cent of Alipay users have paid on WeChat in the last month, and nearly all WeChat Pay users also use Alipay.