Extending access to financial networks has been part of the rapid economic expansion underway in China, a readiness to leverage digital payments has helped to facilitate the sustained positive momentum.
Between them, AliPay and WeChat command a 63% market share in digital payments across China and are using their experiences to drive into other aspects of financial services and into new geographies. While emerging markets in South East Asia are a key target, the tech behemoths have also set their sights on expanding into mature European and American economies, posing a threat to territory traditionally policed by major financial institutions.
With the largest regional economy taking to digital payments so rapidly, it will be no surprise to see the two primary facilitators to further consolidate their position in China and the developing economies in the vicinity.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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