Boston, March 29, 2018 – In about 10 years’ time, a completely new payment model built around QR codes has become the dominant payment alternative for the world’s most populous country—China. Alipay and WeChat Pay have exploded on the payments scene, and their impact is being felt well beyond China’s borders. How did this happen, and what does it mean to the payments ecosystem?

This report explores the emergence of mobile money in China and discusses the two major players, Alipay and WeChat Pay, and the impact that these payment schemes will have on the global payments community. It is based on interviews and conversations with individuals from over 20 organizations and thought leaders actively engaged in the Chinese payment space.

This 29-page Impact Report contains 12 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Alibaba, Alipay, Amazon.com, Apple Pay, Baidu, EMVCo, Facebook, Google Pay, Mastercard, M-Pesa, Paytm, Safaricom, Samsung Pay, Taobao, Tencent, Tmall, UnionPay, Visa, and WeChat Pay.