With the rise of Alipay and WeChat Pay in China, can other players compete for a slice of the growing retail payments market?
Retail consumption remains a key driver of economic growth in China, with an increasing number of consumers turning to their smartphones and apps to purchase goods and services. Digital payments are on the rise, with technology companies and other non-banks disrupting the retail industry by offering secure and easy-to-use e-wallets and payment solutions to their users.
In this article, we analyse how technology platforms and apps such as Alibaba’s Alipay and Tencent’s WeChat Pay are reshaping the payments landscape in China, and the subsequent impact this is having on banks and consumers. We also discuss whether other viable competitors to Alipay and WeChat Pay could emerge as challengers in the payments space.
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