Mobile payments in China

China is one of the world's leaders in the adoption of mobile payments. Widespread adoption of mobile payments in China has facilitated the growth of e-commerce in China and growth in the retail banking sector.

Digital payment platforms, alternatively known as e-payments, are the main medium of financial transaction in mainland China. Such e-payments, conducted through third-party platforms, make use of QR codes and personal barcodes. The use of physical currency and typical bank cards are relatively uncommon.

The market for these platforms is characterised by a duopoly, with WeChat Pay and Alipay holding more than 90% of China’s market share for such transactions. Several alternative, smaller platforms exist, including the Chinese Central Bank’s (PBOC’s) UnionPay application.

Due to the rapid adoption of e-payment platforms in China over the last two decades, both WeChat and Alipay have become so-called super-apps, hosting a range of sub-features. This includes taxi hailing, food delivery, ticket booking, and charitable donation capability.

Such platforms have, however, been criticised for making financial transactions more challenging for foreign visitors, whilst having several surveillance implications for its users.