According to calculations from Reuters, in 2016, WeChat, the messaging service owned by Chinese internet giant Tencent, is expected handle more than £380 billion ($550 billion) of volume.
The total figure will likely be much higher because the aforementioned figure only includes money sent via WeChat’s P2P payment service, and does not include other payment types it facilitates such as taxis, online media and restaurant bills.
- According to iResearch, Tenpay, the payment platform underlying WeChat, is still way behind the Alibaba-affiliated Alipay. Tenpay accounted for 20% of the third-party mobile payments market in China in Q3 2015, whereas Alipay accounted for nearly 50% of the market. Big difference!
- However, on a comparison note, If WeChat does process the volume forecast of £380 billion ($550 billion), then it would be double the total amount US payments leader PayPal processed globally in 2015 — £195 billion ($282 billion). Also, this Paypal figure includes online, mobile and P2P payments whereas WeChat’s doesn’t. That is one big and vast market in China.
Source: Business Insider