China Payment Systems Guide: Alipay vs WeChat Pay vs UnionPay

China is a mystery in many ways, culturally as well as economically. Setting up mobile payments in China is one of the largest obstacles foreign companies encounter when entering China’s online market. If you’re about to come into the Chinese market, we want to offer you advice on choosing the best payment system.

In recent years, China’s e-commerce market has been growing rapidly, and in the foreseeable future, it does not seem to stop. As of 2019, more than 54% of Chinese buyers used third-party payment services; the remaining 46% was split almost evenly between debit/credit cards and cash payments.

There are nearly 650 million online shoppers in China. According to Statista, this number is expected to reach 1 billion by 2023. It is not surprising that many foreign companies would like to take advantage of this. But one of the stumbling blocks along the way is Chinese mobile payment systems.

More about Chinese payment systems you check out in our blog: China Payment Systems Guide: Alipay vs WeChat Pay vs UnionPay