Potential players to benefit from the change to payments in China
Almost 85% of merchants on Taobao supported the option as of August 2021. Taobao, the online marketplace from Alibaba Group, has also become the company’s first platform to accept UnionPay as one of its online payment options. Meanwhile, Alipay has been rolling out payment QR codes for UnionPay in Beijing, Shenzhen, Guangzhou, Tianjin, Xian and other major cities in China since 2020 and will cover every city across China by March 2022. Mini-programs on Tencent’s WeChat app, which are sub-applications such as Tencent Video, WeRead and JD.com, are also getting access to UnionPay, whose app will also be made available to make top ups to QQ Music and Tencent Video. Users can now scan WeChat payment QR codes with UnionPay’s app to complete payments in every major city across China.
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Changes on WeChat PayĪccording to Tencent, WeChat Pay has been available on UnionPay’s app for offline payments since September 2021.
However, in the past few months, we’ve seen a push from the Chinese government to the tech giants to open up the market including to giant state-owned card network UnionPay. This is resulting in greater support across platforms and a shift in the dominance of some players. There are more than 850 million mobile payment users in China, and the two largest mobile payment providers, Tencent’s WeChat Pay and Ant Group’s Alipay, hold more than 90% of the market.
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