In 2021, WeChat Pay and Alipay accounted for 91% of all digital payments made in China.
WeChat and Alipay can both be used for most things in China: in-store and online shopping, Didi and taxis (with QR code), food delivery, transfers and red envelopes (i.e. sending contacts money), bills, train/plane tickets, and bike shares.
WeChat Pay has more users than Alipay
Most people in China use WeChat (1.24 billion users in Q1 2022). It's not surprising that WeChat Pay has more users than Alipay because, for most people, it's easier to use WeChat Pay because many people already have the app installed.
In 2013, Alipay surpassed Paypal as the world's most popular digital wallet, and still holds the top spot nearly ten years later with 1.3 billion users. WeChat Pay and Apple Pay aren't far behind, with 900 million and 507 million users respectively.
Alipay is an obvious option if you're trading in China, while PayPal has great global coverage. Wise is also available almost all over the world, and comes with low fees and some great multi-currency options to support international businesses.
There are several methods you can consider when sending money to China. It's important to understand which one suits your preference best. The most reliable methods include PayPal, Bank or Wire Transfers, Statrys business accounts, and other digital remittances cross-border services such as Wise and WorldRemit.
Alipay and Tenpay together account for about 90% of China's digital payments, PayPal could give them a run for their money in cross-border payments.
SHANGHAI (Reuters) - PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the U.S. fintech giant eyes a bigger foothold in a booming market for online payments.
Leading third-party payment providers in China Q2 2020
As of the second quarter of 2020, the leading third-party provider of online payments was Alipay, with a market share of almost 56 percent. Its closest competitor was Tencent's Tenpay which includes the company's payment software WeChat Pay and QQ Wallet.
WeChat would be the most popular and used app in China due to the fact it provides so many services. Messaging, paying bills, sending money to people, booking train/plane tickets etc.
PayPal is a secure, easy way to pay and get paid
Kind reminder: To protect your transaction safety signups need ID verification. Chinese nationals must use Name in Chinese Characters from National ID. Pinyin is not allowed. Non-Chinese nationals must use name from Passport.
Safe payments, PayPal China. 24/7 fraud detection means we work around the clock to help keep your account secure. Pay your way, choose your preferred credit card and continue earn reward points. Speed through checkout at millions of brands that accept PayPal.
China has stringent policies for foreign exchange and electronic payments, but PayPal has already cleared the regulatory hurdles. In January, the American fintech titan became the first foreign firm to hold a license for online payment processor in China after it bought out shares in a local payments firm.
Expats need to provide documentation to prove that their transfers are legitimate, including proof of employment, tax documents, and proof of residency in the destination country. International bank drafts are another legal method for transferring money out of China.
In-store payments
With Alipay you can pay for goods in-store using your mobile. Payment is simple, and there are two methods: The merchant-presented mode involves scanning the merchant's QR code on your phone. You can then enter the payment amount to complete the payment.
Stripe: Most customisable PayPal alternative. Square: Best PayPal alternative for brick-and-mortar stores. eWay: Lowest fees. SecurePay: Most secure alternative to PayPal.
PayPal is the market leader and was used by 9.8 million Australians (46.1%) in the year to September 2022 to be just ahead of BPAY, now used by over 9.3 million people (43.8%). The two services are used by almost three times as many people as the third placed Afterpay, now used by over 3.2 million people (15.2%).