WeChat Pay Profile 2019 code:1426

WeChat Pay Profile 2019
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: China, Hong Kong
Pages: 16
Publication Date: 20/03/2019
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Questions Covered in the report:
  • How large was WeChat Pay’s share of the mobile payment market in China in 2018?
  • How many users die WeChat Pay have in 2018?
  • Which payment services are offered by WeChat Pay?
  • How does WeChat Pay’s user penetration compared to Alipay’s?
  • What is WeChat Pay’s current international expansion strategy?

Key findings:

WeChat Pay is China’s second leading mobile wallet

WeChat Pay expands its international presence through partnerships

WeChat Pay is a digital wallet function integrated into a popular mobile messaging platform WeChat, or Weixin, in China. Besides China, the service is also available to users in a few other countries and is accepted by merchants in nearly 50 countries. WeChat is constantly expanding its international coverage through local partnerships, targeting Chinese tourists travelling overseas. For example, in late 2018, it cooperated with a similar service LINE Pay in Japan to enable the Chinese to pay by scanning QR codes with WeChat Pay while visiting this country, as quoted in the yStats.com report.

WeChat Pay is used for a variety of day-to-day payments

In its domestic market, WeChat Pay faces strong competition from the market leader, Alipay. According to the figures cited in the yStats.com report, Tencent, the company behind WeChat Pay, had a double-digit share of the third-party mobile payment market in China in 2018, but was more than 10 percentage points behind Alipay. In addition to mobile payments for in-store and digital purchases, WeChat Pay is also used to make peer-to-peer transfers, pay utility bills, buy tickets or invest in financial products. Furthermore, WeChat’s digital bank solution is accessed by nearly one in four users on a daily basis.

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1. Profile of WeChat Pay

  • Profile of WeChat Pay, February 2019

2. Usage Statistics of WeChat Pay

  • China: Top 5 Third-Party Payment Services, in % of Users, August 2018
  • China: Third-Party Mobile Payment Transaction Value, in CNY trillion, 2015 – 2020f
  • China: Top 3 Third-Party Mobile Payment Providers by Market Share, in %, Q3 2018
  • China: Breakdown of Frequency of Using Selected Third-Party Payment Services Compared to Online and Mobile Banking Services, in % of Active Users of Each Service, August 2018
  • Hong Kong: Breakdown of Main Mobile Wallets Used, in % of Mobile Payment Users, January 2018
Read More
  • Ant Financial Services Group
  • Tenpay Payment Technology Co. Ltd
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