Looking at the success stories of Alipay and WeChat Pay in their home market of China reveals just how quickly these two payment options have become the two largest ewallets in the world. In 2008, Alipay was a dedicated payment service for Alibaba’s Taobao marketplace. Of course at the time, Taobao had 80 million users (Source: “China’s new fintech empires”, CB Insights, 2018). Fast forward 10 years – thanks largely to China’s mobile internet boom -- and Alipay has over 600 million active users (Source: Alipay). While a more recent entrant, WeChat Pay has achieved tremendous success riding on the success of the being the number one messaging and social app in the country. During the 2018 Chinese New Year, 768 million ‘red envelopes’ were sent as gifts on WeChat and paid for using WeChat Pay. The dominance of these two methods in China is indisputable:
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