Another source shows Alipay and WeChat Pay control more than 94% of the overall market for mobile payments, with Alipay (支付宝) being the leader. Note that mobile payments are online, but not all online payments are mobile. In Q3 2023, the transaction volumes of Alipay and WeChat Pay were 118.19 trillion yuan and 67.81 trillion yuan respectively.
I will go over the top-ranked payment options in China according to Chinaapp first. However, as already noted, please know that not every website has the same ranking. Over the course of this article, I will go over every payment method mentioned across different articles.
Foreign Travelers
One issue China has faced since going more cashless is that the apps used within the country aren’t the same as cash apps used in other countries, even in the rest of East Asia.
This has posed challenges to foreign tourists and older Chinese citizens.
For the former, the biggest problem has been that China’s mobile banking apps have required a Chinese bank account, and tourists don’t want to have their bank accounts directly linked to a Chinese app in China.
Those unwilling to use Chinese apps might be refused service because a business may not accept paper money.
In recent months, moves have been made to simplify everything qatar whatsapp number for foreigners. For example, tourists no longer need to register their ID on Alipay (as long as they spend less than $2000 a year on the app).
China’s Top Three Online Payment Apps – Alipay, WeChat Pay, and UnionPay
There are a number of apps in China for making online payments.
This section will focus on the three biggest apps.
Alipay (支付宝)
ipay is a part of the Alibaba Group and is the most-used online payment platform in China—accepted by 80 million businesses and used by over 1 billion users.
Like WeChat, Alipay’s success and popularity do not merely hinge on its online payment prowess but rather on the range of other features it offers to users:
Taxi hire
Hotel bookings
Bicycle rental
And more