48V 100AH Powerwall Solar Battery 10kwh lifepo4 battery,48v 100ah lifepo4 battery,48v 200ah lithium ion battery,51.2v lifepo4 lithium battery Shenzhen Jiesai Electric Co.,Ltd , https://www.gootuenergy.com
China's mobile payment market reaches 90 times that of the United States: Ali Tencent leads the world
In a recent report from the *Wall Street Journal*, it was highlighted that while Silicon Valley remains the epicenter of global tech innovation, Chinese internet giants are now leading in mobile payment services across some of the world’s fastest-growing consumer markets. China has emerged as the largest digital payment market globally, dominated by Alibaba Group and Tencent Holdings.
These two tech titans are not only dominating the domestic scene but also expanding their influence abroad. They're sharing their expertise and capital with mobile payment startups across Asia, from Indonesia to India. According to Shiv Putcha, an analyst at IDC in Mumbai, Asian consumers are increasingly moving away from cash, opting for smartphones for shopping and money transfers, while U.S. companies remain focused on their home market.
In China, QR code-based payments are ubiquitous, used for everything from paying bills to purchasing items from vending machines. This widespread adoption has driven the mobile payment market to an astonishing $9 trillion last year. In comparison, the U.S. mobile payment market reached just $112 billion in the same period—making China’s market nearly 90 times larger.
According to Ai Rui, the two major platforms—Alipay and WeChat Pay—account for 90% of online transactions in China. As the domestic market becomes saturated, both Alibaba and Tencent are looking to expand internationally, supporting local startups in emerging markets by helping them build cardless mobile payment systems.
Many emerging markets lack the infrastructure for traditional card-based payments, which makes solutions like Alipay and WeChat Pay even more valuable. For example, Paytm, India’s leading mobile payment platform, has learned from Alibaba, one of its key investors. Its CFO, Madhur Deora, said that regular interactions with Alibaba executives have helped shape Paytm's product design and user engagement strategies.
Inspired by Alibaba’s feature allowing users to access money market funds, Paytm introduced a gold savings option for its 225 million users. The idea is to tap into a cultural preference for physical assets like gold.
When India’s government demonetized large currency notes in 2016, Paytm saw a massive surge in users. Now, it's used by roadside vendors and tricycle taxi drivers, making it easier for people to transact without credit cards. Recently, Paytm raised $1.4 billion from SoftBank and is growing rapidly.
Meanwhile, Google has also entered the Indian market with a cardless payment app, and Alibaba’s Ant Financial has invested in Thailand’s Ascend Money. These moves highlight the global expansion of China’s digital payment leaders.
Chinese travelers represent a huge opportunity for these companies. By ensuring their services are available abroad, Alibaba and Tencent aim to capture this growing market. Alibaba has partnered with Indonesian media group Emtek and formed alliances in the Philippines, while Tencent has invested in Hike, an Indian messaging app, helping it launch a payment feature inspired by WeChat.
As Paytm’s COO Amit Sinha put it, "Working with Alibaba is like going to college." With their experience in handling massive transaction volumes, Chinese tech firms are setting new standards in the global mobile payment landscape.