WeChat Pay Profile 2019

WeChat Pay Profile 2019

A profile by yStats.com: WeChat Pay has the second largest mobile payment share in China

WeChat Pay pursues an international expansion strategy
As a digital wallet service of China’s popular mobile messaging app WeChat, WeChat Pay is available to hundreds of millions of app users in this country. In addition, as yStats.com’s publication reveals, WeChat Pay has embarked on an international expansion strategy, primarily focusing on Chinese tourists travelling overseas. As of 2018, the service could already be used for QR-based mobile payments in close to 50 countries.

WeChat Pay is China’s number two in the mobile payments market
In China, WeChat Pay is the second most used mobile payment service, with a double-digit percentage share of the market, as of 2018. According to information cited by yStats.com, the gap in Alipay’s and WeChat’s market share in terms of volume was at more than 10 percentage points, but when it comes to user penetration, WeChat Pay also achieved a wide base of more than two-thirds of mobile payment users.

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

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