Alipay and WeChat Pay: How they work, what they offer, and how to use them
If you are planning to travel or do business in China, you must know the two most popular mobile payment systems: Alipay and WeChat Pay. These two apps allow you to pay for almost anything in China cashless, from supermarkets to hotels, taxis to movie tickets.
Alipay and WeChat Pay are mobile payment platforms that allow users to make payments using their smartphones. These platforms have become ubiquitous in China, with many merchants accepting payments through these platforms.
Alipay
Alipay is a digital payment solution owned by Alibaba, originally launched in 2003 for online payments on Alibaba’s website. In 2008, Alipay launched its mobile e-wallet, which since then can be used for various payments, not limited to Alibaba products. On Alipay, you can bind your bank card or credit card, or top up your balance by other means. You can pay or receive money by scanning the QR code or entering the other party’s mobile phone number. You can also use Alipay to buy financial products, buy insurance, pay utility bills, etc.
WeChat Pay
WeChat Pay is one of the features built into WeChat, one of China’s most popular instant messaging and social media apps. In 2013, WeChat Pay (formerly known as TenPay) was added to WeChat. You can top up money on WeChat Pay to pay your supermarket bills, transfer money to friends, or send “red envelopes” (a cash gift sent on special occasions) to your relatives and friends. People use WeChat Pay to manage their daily life — buy groceries, pay bills, transfer money to friends, send red envelopes, etc. In addition to scanning the QR code or entering the other party’s mobile phone number, you can also pay or receive money by shaking the phone or scanning the other party’s avatar. You can also use WeChat Pay to order food, book service, buy air tickets, etc.
How do Alipay and WeChat Pay work?
Both Alipay and WeChat Pay work by linking your bank card or credit card to your e-wallet account. You can then use your e-wallet balance or your linked card to pay for transactions. You can also top up your e-wallet balance by transferring money from your bank account or receiving money from other users.
To pay with Alipay or WeChat Pay, you can either scan a QR code displayed by the merchant or show your own QR code for the merchant to scan. You can also pay online or in-app by choosing Alipay or WeChat Pay as the payment method and confirming the transaction with a password or fingerprint.
Both Alipay and WeChat Pay use encryption and verification technologies to ensure the security of your payments. They also offer various features such as transaction history, refunds, coupons, rewards, and customer service.
Comparison
In recent years, China has transitioned to a cashless society thanks to two smart payment giants: WeChat Pay and Alipay. Mobile payments now dominate the market in China, which can be confusing for foreigners new to these systems. That’s why we’re going to compare WeChat Pay and Alipay carefully to understand the differences between them.
WeChat Pay has social functions, while Alipay focuses on mobile payments. One key difference between WeChat Pay and Alipay: WeChat Pay is a feature integrated into the WeChat social media app where you can chat and play games with your friends, while Alipay is a standalone mobile payment platform. People use WeChat Pay to manage their daily lives, while Alipay focuses on e-commerce payments and financial services, although it was originally designed as Alibaba’s payment platform.
| Features | WeChat Pay | Alipay |
| ------------------------------------ | ------------------- | ------------------- |
| Number of users | 1 billion | 900 million |
| Supported Currencies | 25 | 27 |
| Supported Countries | 49 | 110 |
| Supported bank cards | More than 300 cards | More than 200 cards |
| Supported merchants | 3 million | 4 million |
| Supported Public Services | More than 1000 | More than 3000 |
| Supported wealth management products | 4 | 9 |
| Supported Insurance Products | 6 | 12 |Alipay’s features
- Ant Forest: A green initiative that allows you to plant virtual trees by reducing your carbon footprint. The virtual trees can be converted into real trees that are planted in desert areas
- Yu’e Bao: A money market fund that allows you to invest your idle balance and earn interest
- Sesame Credit: A credit scoring system that evaluates your financial behavior and trustworthiness
- Ant Fortune: A wealth management platform that offers various investment products and services
- Ant Insurance: An insurance platform that offers various insurance products and services
- Ant Travel: A travel platform that offers flight and hotel booking services
- Ant Health: A health platform that offers health-related products and services
WeChat Pay’s features
- Red Packets: A monetary gift that you can send to your friends or groups during special occasions or for fun
- Mini Programs: Small applications that run within WeChat without requiring installation. They offer various functions such as games, e-commerce, entertainment, education, etc
- WeChat Moments: A social media feature that allows you to share photos, videos, articles, etc. with your friends or groups
- WeChat Official Accounts: Accounts that provide content and services from various organizations such as media outlets, celebrities, businesses, etc
- WeChat Wallet: A wallet feature that allows you to manage your cards, balance, transfers, bills, etc
- WeRun: A fitness feature that tracks your steps and calories burned
Conclusion
Alipay and WeChat Pay are the two most popular mobile payment systems in China, and they are essential for anyone who wants to travel or do business in China. They offer more than just payment services, but also a variety of other functions and platforms that make your life easier and more convenient.
Elon’s Musk “X” (Twitter) app is inspired by WeChat, the Chinese super-app that allows users to do virtually everything from messaging to ordering food to paying bills without leaving the app. X promises to offer similar features and more, leveraging Musk’s expertise in technology and innovation.
