close
Share with your friends

The rise of the tech giants

The rise of the tech giants

With the rise of Alipay and WeChat Pay in China, can other players compete for a slice of the growing retail payments market?

1000

Related content

Scanning QR code with a mobile phone

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.

© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited  ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

 

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

Connect with us