SOME CHINA WECHAT PAY ECNY 150M CODE
Even Quick Pass, Union Pay’s QR code platform, has struggled to capture much market share despite nearly every merchant in China accepting Union Pay cards.
China’s domestic banks tried launching competing QR code payment solutions, but they were clunky, and merchant acceptance was low. That stickiness is part of the reason that other competing QR code platforms never really caught on. Both Alipay and WeChat are lifestyle apps that have become an integral part of Chinese popular culture, like Google GOOGL and Facebook in the United States. But WeChat is in a class by itself: It is China's only super app, used by hundreds of millions of Chinese daily to chat, bank, shop, book taxis, read news and watch videos. As payment platforms, each is equally paramount in China. The interface of Alipay and WeChat Pay is even more important than the underlying technology. Alipay itself has processed more than 120,000 transactions per second (TPS), roughly double what Visa and Mastercard MA are capable of processing. They are well qualified for the job: Tencent’s WeChat has over a billion monthly active users, many of which are using the digital finance functions in the app. With that in mind, it is likely the two firms have also been involved in the development of China’s DCEP. To extent that they have shaken up the existing order - by launching neobanks, for instance - it has been with explicit regulatory approval. Thus, despite their reputation as disruptors, Ant Financial and Tencent often work within China's existing financial system.
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