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Alipay and WeChat Pay are the top digital wallets in China
The Chinese digital wallets Alipay and WeChat Pay processed 2.9 trillion US dollars' worth of transactions in 2016, a massive 20-fold increase in just 4 years. Alipay and WeChat Pay are two of the biggest digital wallets in China, accounting for 63% of the online payments market in the country. Alipay is owned by the ecommerce company Alibaba, and WeChat Pay operates within the Chinese social network WeChat. The fact that they now account for almost 3 trillion US dollars' worth of transactions shows how important ecommerce and social media have become in the country.
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