China’s leading third party payment service, Alipay, have announced the latest figures in the uptake of their Alipay Wallet service, boasting that they now have some 190 million active users.
In 2013 Alipay’s mobile payment app had just over 100 million users. Today, that figure has risen to almost twice that of PayPal, which has 110 million active users. The continued growth of Alipay Wallet has made the company look at further ways it can utilise its mobile application as a wider payment tool, including additional online services, including money-market funds, as well as the ability to make payments at point of sale.
Although being the biggest, accounting for at least 50% of China’s 45 million daily mobile transactions, Alipay is not without competition in China, with popular chat app WeChat, run by Tencent Holdings Ltd., hot on their heels having made their own payment service available to all 438 million WeChat active users.
However, AliPay don’t yet seem concerned at the potential threat WeChat may pose to their payment crown, with general manager Liu Lejun saying “Alipay Wallet is the No. 1 mobile payment tool, not WeChat, “