Living in china without wechat pay or alipay is like living without cash or credit card. For example, in 2004 only 1% of chinese had credit cards. Wechat pay, also named tenpay, started competing with alipay in china in 20 when wechat expanded their mobile messaging platform to offer payment. China moves towards cashless society as alipay, wechat pay gain. If alipay strength comes from the hegemony of alibaba group, which control 8 out of 10 online orders taking place in china, its main competitor tenpay is growing fast on the market thanks to the leading social networks that controls the tencent group. For simplicity, i shall summarize them here from 2 perspectives. Pay with alipay at china windows store microsoft community.
Alipay, wechat take battle for mobilepayment dominance. You can follow the question or vote as helpful, but you cannot reply to this thread. Feb 29, 2016 offline payment is another key area of development for alipay. In order to compete in the fastpaced app world, you must reduce development time and get to market faster than your competitors. I dont really know the exact data of active user numbers, user experiences, transaction volumes, user scenarios etc, but i can give you a rough idea about that. Alipay and tenpay give up transaction data in china business. With over 100 million daily transactions and over 520 million active users. According to iresearch china, alipays market share shrank from 80%. Alipay and tenpay compete headtohead for overseas market. Wechat pay made enormous gains in a short time and the same progress would see them overtake alipay in 2017 in china.
Feb 22, 2015 transactions by alipay and tenpay constituted about 80 per cent and 10 per cent respectively of the 1. And while alipay saw higher transaction amounts influencing its. Bargeldloses bezahlen bezahlen per smartphone in china langst. Geography 1 paypal is leading in most countries, including united states, united kingdom, germany, france and 148 other countries. I admit it is quite confusing, even the folks in tencent can not figure out that easily. In terms of global monthly active users, however, wechats advantage over alipay is significant and has contributed to. While this market dominance has certainly set the challenge for china union pay to convince consumers to switch over to their payment service, the credit card company has set to work by pushing its. This has led to tencents rapid increase in market share. Is alibaba losing to tencent in chinas trilliondollar. Apr 03, 2020 tap the scan button to make payments online at sites like, oh, lets say. Challenging alipays longstanding dominance, the introduction of tenpay tencents integrated payment platform with wechat pay and qq wallet intensifies both local and overseas competition. Chinas third party mobile payment market had a total transaction value of rmb 12. Wechat revenue and usage statistics 2020 business of apps.
The peoples bank of china demanded that alipay, tenpay, and. A key difference is paypal also charges for foreign cross border fx exchange fees whereas alipay only charges a transaction fee. Before alibaba launched alipay in 2004, i can assure you that it was very difficult for chinese consumers to pay online. The war between wechat payment and alipayment is far from. The worlds leading payment and lifestyle app a super app connecting more than 450 million users around the world.
Is alibaba losing to tencent in chinas trilliondollar payment war. Aug 03, 2015 we are looking at alibabas alipay versus paypal and take it into. Tenpay is the secondlargest player in the online payment market, with a 20% market. Alipay and tenpay give up transaction data in china. Furthermore, money in the wechat balance can be used to buy any inhouse wechat financing products. Click to see if the seller has updated the prices of items in your order. Wechat pay and alipay are the leading players in the chinese mobile payment market, but they have some key differences. Its main rival is alibabas alipay, and is also up against the banks unionpay alliance. Mar 28, 2018 this has led to tencents rapid increase in market share. Wechat app aims at social, cashless mobile payments in china. Despite these large numbers, defining alipay and wechat. Alipay payment method accept all payment methods adyen. Trusted for over 23 years, our modern delphi is the preferred choice of object pascal developers for creating cool apps across devices.
Wechat was developed by and belongs to chinese tech behemoth tencent. The peoples bank of china demanded that alipay, tenpay, and other online payments solutions funnel mobile payments through a newly established clearinghouse by june 2018. As the chinese payment market intensifies, alipay and tenpay look to overseas markets for expansion. Both alipay and paypal require buyer and seller user accounts and both require the internet to conduct transactions. Dec 19, 20 tencent have moved into online payment services with the launch of their tenpay service in 20, a direct rival to alipay which the company says has 550 million users compared to tenpays 200 million plus. In comparison, the top three online payment providers in the first quarter of 2014 were alipay, tenpay and unionpay by total mobile transactions who. However, any place that accepts alipay would very likely accept cash, so just bring enough cash with you. Trusted by 450 million users, alipays offerings span from allowing its users to make payments send, receive, and spend money with ease, manage finances, choose a suitable insurance scheme, hail a cab or even order in from a favorite restaurant. Via smartphones, alipay can offer convenient offline payment services.
Its primary product is a digital wallet, alipay wallet, which also includes a mobile app that allows customers to conduct transactions directly from their mobile devices. Tenpay, alipay licenses key to overseas growth by fan feifei in beijing and luo weiteng in hong kong china daily updated. During 4 years helping brands sell to mainland china via wechat, we collaborated with many crossborder payment gateways. Why alipay is more than just the chinese equivalent of paypal. The crossborder payment war of wechat pay and alipay. A super app connecting more than 450 million users around the world. Alipay will also now be an automatic option for payments within mobile apps like didi, meituan, and of course, taobao. These gateways are authorized by alibaba, tencent, and union pay to provides a crossborder payment solution for foreign businesses.
Alipay, or zhifubao in chinese, is a thirdparty mobile and online payment platform, established in hangzhou, china in february 2004 by alibaba group and its founder jack ma. But after some foreign friends downloaded wechat as tencent. What are the main differences within paypal and alipay. The fear for alibaba is that because of qqs wide reach in china and wechats presence abroad, users will use tenpay as they have. Alipay is a super app designed to offer a bouquet of services to bring convenience into your everyday life. Alipay vs paypal payment technologies market share comparison. Tenpay, alipay licenses key to overseas growth business. This allows users to pay with a single touch without having to log into paypal or download paypals app onto their phones. China unionpay new mobile payment service targets alipay, tenpay. Wechat pay, also named tenpay, started competing with alipay in china in 20 when wechat expanded their mobile messaging platform to offer payment services. Also chinese banks had not developed any system to facilitate online.
However, both are beginning to make a splash outside of china. Alipay, tenpay and globebill were all rewarded the crossborder transaction license in 20 as the first batch of thirdparty payment firms to participate in a crossborder payment service pilot program. Another strength of paypal is that it supports multiple currencies, as a result, it is widely accepted by many countries. Alipay and tenpay set for clash with unionpay south. Alipay wechat tenpay leaders in chinese payments market. And ten pay now has more active users than alipays 520 million, company.
Most of these payment gateways cover specific countries or regions, and some provide a onestopshop to leverage wechat payment, alipay. Tenpay which includes wechat pay came in second with about 37 percent. Tenpay has a long history but is little known by others, and it started to operate in 2005 after the china central bank issued a thirdparty payment license t. Yes, foreigners can use alipay this is how smartshanghai. Jan 05, 2010 tenpay is the main competitor of alipay. Amazon web services aws creates a case study february 16, 2018. China third party payment market report part 2 tenpay. Alipay and tenpay started expanding overseas in earnest two years ago. Transactions by alipay and tenpay constituted about 80 per cent and 10 per cent respectively of the 1. It certainly shows that wechat payment could be a threat on this segment.
Alipay, tenpay fined for violations in crossborder payments. For alipay, it established mobile payment platform limited in china, which offers some special functions, such as sending or grabbing lucky money, group buying, financial. Combined alipay and wechat payments by value have risen from less than rmb 1. Tenpay, alipay licenses key to overseas growthbusiness. In 20, tencent then took the functionality of the tenpay payment app and integrated. First of all, there are several ways that one can classify the differences between paypal and alipay. Jan 24, 2018 alipay and tenpay set for clash with unionpay alipay and wechat pay accounted for 93 per cent of chinas mobile payment segment, according to data from analysys. Today, the alipay and wechat pay mobile wallets, which link users. Pay here also include some ten pay transactions which occur online or on qq mobile.
A total of 33 companies have been granted the license. Internet retail sales in china have boomed, and with it, the online payments ecosystem has grown. Jun 27, 2014 the launch of wechat payment last december turned alibaba and its alipayment red. Alipay and tenpay set for clash with unionpay south china. Tenpay has 190 million users, and is used by 400,000. The additional offline payment scenarios help build users engagement and potentially offer more o2o services to endusers. Alipay download make and receive payments easy,secure and in the fastest way. Social networks, ecommerce platforms, and the growth of. Nov 30, 2015 tenpay, the second place, only gained 19. Im triying to pay at windows store with my alipay account and isnt possible. Alipay vs wechat pay vs unionpay important research. Tenpay is eveloped by tencent company, which owns the most popular im in china qq with more than 300 million users. Wechat was developed by and belongs to chinese tech behemoth tencent holdings one of the. Aug 27, 2016 tenpay, alipay licenses key to overseas growth updated.
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