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$$ Alipay and WeChat – Moving Money in the World

Why China’s Payment Apps Give U.S. Bankers Nightmares

“The future of consumer payments may not be designed in New York or London but in China. There, money flows mainly through a pair of digital ecosystems that blend social media, commerce and banking—all run by two of the world’s most valuable companies. That contrasts with the U.S., where numerous firms feast on fees from handling and processing payments. Western bankers and credit-card executives who travel to China keep returning with the same anxiety: Payments can happen cheaply and easily without them.”  — Bloomberg

Consumer transfers money into their wallet at Alibaba’s Alipay  with 520 million users or Tencent’s WeChat Pay app  (WeChat is a Chinese multi-purpose messaging used for many types of social media conversations, mobile payments and collaboration.)

 

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