7/31/2023 0 Comments Wechat pay usa partnersThe North American market is also really competitive, with companies such as Apple Pay, Google Pay, Samsung Pay and PayPal already fighting to convince users. In 2016, mobile payments in China reached $8.6 trillion compared to only $63 billion in the US – a difference of nearly 140 times. In 2016, mobile payments in China reached $8.6 trillion compared to only $63 billion in the USīut rather than convincing North American consumers, who have been slowly adopting the technology, they are targeting Chinese tourists visiting the U.S. But the Chinese mobile payment market is now about to reach maturity, and the two rivals, WeChat Pay and Alipay, are thus exploring new horizons to sustain growth. People use their phone to pay online, but also at the supermarket, in restaurants, to buy a beer, and even to tip street musicians. In 2016, 66% of all online payments were mobile-based, and in 2018, more than 45% of the population used mobile payments. Secondly, China is a mobile-first market, where citizens use their phone, rather than a computer, to access the internet. First of all, credit cards never really took off in China, for both cultural and technical reasons (China’s state-owned banks are notoriously difficult to deal with). This tremendous success (as a comparison, Apple Pay has about 127 million active users) can be explained by two specificities of the Chinese market. WeChat Pay and Alipay respectively have more than one billion and 900 million actives users, most of whose are based in China. Mobile payment is much more prevalent in China than in the U.S. Shutterstock China, a mobile-first market Last November, the supermarket chain 7-Eleven announced that it would start accepting the two services at 35 stores in Toronto and Vancouver. Both companies are also expanding into Canada. Last year, both companies partnered with Stripe, an online payment processing startup, and with Citcon, a Silicon Valley-based mobile payment and marketing platform that connects global merchants with Chinese consumers. In July 2018, Tencent, a powerful Chinese multinational that owns WeChat, an application whose mobile payment service, WeChat Pay, is Alipay’s biggest rival in China, announced that it would step up its efforts to expand its payment service to the U.S. merchants as possible.īut Alipay isn’t the only Chinese mobile payment app trying to enter the U.S. These relationships are designed to get Alipay widely accepted as a form of payment at as many U.S. In 2017, the company partnered with First Data, a leading payment solutions provider, which was followed by a deal with the bank JP Morgan Chase. It isn’t the first push made by Alibaba to expand its mobile payment system to the U.S. Alipay is now handling transactions in 3,000 Walgreens stores in the U.S., and is eyeing to reach 7,000 locations by April. In February, Alipay, a Chinese mobile payment app that belongs to the Alibaba Group, forged an alliance with Walgreens, a U.S. But the ongoing trade war could dampen their hopes. As their domestic market is reaching maturity, the two Chinese mobile payment services are looking toward new horizons.
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