Alibaba Group and its founder Jack Ma launched Alipay, a third-party mobile and online payment platform, in Hangzhou, China in February 2004. Although Ant Financial, Alipay's parent firm, is still headquartered in Hangzhou, the company shifted its headquarters to Pudong in Shanghai in 2015. In 2013, Alipay surpassed PayPal to become the biggest mobile (digital) payment platform in the world.

In mainland China, Alipay currently holds a 55.32% market share for third-party payments, according to figures from the fourth quarter of 2018. With more than 700 million unique users and more than 1.3 billion annual active users as of June 2020, it has grown to become the dominant force in China's mobile payment industry. With 80 million merchants utilizing Alipay for commerce, it handled $17 trillion in transactions in mainland China over the course of a year.

Through an escrow-like service, Alipay offers consumers and companies safe, simple, and speedy online payments. Foreign businesses must pay a USD 1000 setup charge and transaction fees ranging from 2.5% to 3% to set up Alipay. The upfront payment for Chinese-registered businesses is free, but they must still pay transaction costs of 0.7 to 1.2%. Do you know that thanks to its cutting-edge e-commerce payment technology and sophisticated risk management system, Alipay has currently successfully worked with nearly all of China's top banks as well as Visa and other financial institutions!

Currently, Alipay offers its users a wide range of utility services, such as paying with a QR code, paying credit card bills, managing bank accounts, recharging mobile phones, buying bus and train tickets, ordering food, renting a car, paying insurance premiums, storing digital copies of identification documents, paying water and electricity bills, paying traffic fines, paying property taxes, paying cable TV fees, paying taxi fares, etc. Alipay definitely deserves to be the standard-bearer among Chinese payment apps given its wide range of services, security, and ease of use.

Founded: February 2004
Headquarter: Pudong, Shanghai, China
Website: www.alipay.com

One of China's most popular smartphone-based social media super-apps, WeChat is utilized for online gaming, shopping, and payments. In order to facilitate simple and transparent money transfers over its messaging platform, it combined its online payment brand Tenpay with it and developed WeChat Pay in 2013. Since then, WeChat Pay has grown to become the most popular mobile payment app among users, with a share of 92.7 percent in the year 2020, thanks to the support of WeChat's extremely large monthly active user base of 1.27 billion in the last quarter of 2021.

According to the most recent report, it will have over 10 million merchants, 23,000 monthly service providers, and partnerships with more than 1800 banks and payment institutions by January 2022. WeChat Pay, the company's payment app, benefits from WeChat's enormous popularity in China, with more than 20 million users utilizing it daily for online purchases and 200,000 new customers joining up for the services each day. Through its many features, WeChat Pay offers payment services to WeChat app users.

Founded: August 5, 2013
Headquarter: Singapore
Website: pay.weixin.qq.com

UnionPay, the national Chinese bank card clearing service, develops and manages the UnionPay app, a mobile and internet payment service. It was introduced in 2017 with the intention of challenging Tencent's WeChat Pay and Alibaba Group's Alipay, two other third-party Chinese mobile payment networks. The user can add their UnionPay bank card to the mobile app and use it for a variety of online and mobile transactions, including in-app web transactions, QR code transactions, and contactless transactions on NFC-enabled devices utilizing UnionPay's QuickPass function.

It offers its clients one-stop mobile payment solutions. It is utilized for QR code-based payments in more than 94 countries. Are you aware that over 30 million businesses on the Chinese mainland accept UnionPay QR code payments? Currently, P2P, P2B, and B2B payments through QR codes are supported by UnionPay, along with value-added services.

Founded: 11 December 2017
Headquarter: Shanghai, China
Website: yunshanfu.unionpay.com

Chinese global technology and entertainment giant Tencent Holdings Ltd. is a holding corporation with its main office in Shenzhen. Based on revenue, it is among the top multimedia corporations in the world. In terms of investments, Tencent Games, a part of Tencent Interactive Entertainment Group (IEG) that focuses on publishing games, is also the largest video game firm in the world.

Then Tencent, a leading provider of social media and communications services in China, created Tenpay in 2005. Users of Tenpay can send and receive money using a Tenpay wallet that is integrated with the net banking services of China's main banks. Tenpay is currently available on more than 200,000 shopping websites. Tenpay and WeChat Pay connected in 2013 to allow money transfers via chat apps. Tencent integrated UnionPay Mobile QuickPass with its WeChat Pay service in 2021, enabling users to pay by scanning QuickPass QR codes.

Founded: September 2005
Headquarter: CN GD
Website: https://www.tenpay.com/

Orange Finance is a fully owned subsidiary of China Telecom (specifically, China Telecom BestPay Co., Ltd.). It runs the financial and payment businesses. In March 2011, the Beijing headquarters are set up. In addition, three branch businesses have been created in Xi'an, Guangzhou, and Shanghai.

The People's Bank of China granted Orange Finance "The payment business license" in 2011. Internet services, payments for mobile and landline telephones, bank card acquiring, and the issuance and processing of prepaid cards are all included in the range of payment permission. The BestPay app, which has over 200 million users as of January 2016, is now the third-largest operator of a payment platform in China, behind WeChat Payment and Alipay.

Founded: 2011
Headquarter: Beijing, China
Website: https://www.bestpay.com.cn/

In the capital of the Chinese province of Sichuan, the Southwest Regional Headquarters of the Jingdong (JD.com) e-commerce company has been finished. Following the basic idea of a space sequence that flows horizontally and vertically and creates an interchange between inside and outdoors, the design by the architects von Gerkan, Marg and Partners (gmp), who won the international competition in 2016, is based on this idea.

In the capital of the Chinese province of Sichuan, the Southwest Regional Headquarters of the Jingdong (JD.com) e-commerce company has been finished. For Chinese customers to make online payments, JD.com developed the JD Wallet payment app. It has made it possible for independent merchants to accept digital yuan through its online market.

Founded: Jul 1, 2013
Headquarter: Chengdu, China
Website: https://www.jd.com/

With its headquarters in Beijing's Haidian District, Baidu, Inc. is a Chinese global technology corporation with a focus on Internet-related services, goods, and artificial intelligence (AI). One of the biggest Internet and AI firms in the world, it. The Cayman Islands serve as the legal domicile for the group's holding corporation. Eric Xu and Robin Li founded Baidu in January 2000. Before Robin Li launched Baidu in 2000, he created an older search engine called RankDex in 1996.

Baidu Wallet is an electronic wallet service used by the Chinese search engine company Baidu to pay for things like utility bills, internet shopping, and interbank transfers. It has connections to several other services, including Bai Fa, which offers wealth management solutions. It is a formidable competitor for other Chinese payment apps because it has more than 100 million users of mobile wallets and a partnership with PayPal. According to Baidu, the number of users of Baidu Wallet rose by 520% year over year to 45 million after adding 10 million new users in Q3.

Founded: January 18, 2000
Headquarter: Beijing, China
Website: www.baidu.com

The Smart Finance Group's AI-based financial services APP YongQianBao offers short-term, low-interest loans to the underbanked populace. With banks and other financial institutions, Smart Finance Group has worked closely to provide services including customer recruiting and risk control management. Young white-collar and blue-collar workers' everyday borrowing needs are met by the online loan app Yongqianbao, formerly known as Daixiaomi.

It's called the One Wallet app, and it's a really clever and functional mobile wallet program. It aids consumers in managing their finances, shopping, traveling, etc. It provides secure, effective, and practical financial management and payment services to its user.

Founded: 2013
Headquarter: Beijing, China
Website: 1qianbao.com

With its headquarters in Shenzhen, Guangdong province, Huawei Technologies Co., Ltd. is a Chinese multinational technology company that develops, produces, and sells telecommunications equipment, consumer electronics, smart gadgets, and a range of rooftop solar power products.

Ren Zhengfei, a former officer in the People's Liberation Army, started the company in 1987. (PLA). Huawei's business has grown from its initial focus on producing phone switches to include the construction of telecommunications networks, the provision of operational and consulting services and equipment to businesses both inside and outside of China, as well as the production of communications products for the consumer market.

As a safe and practical mobile payment solution for owners of Huawei/Honor devices, Huawei Pay was introduced by the industry-leading global provider of information and communication technologies. Its foundation is NFC (Near Field Communication). You only need to tap an NFC-enabled phone against a contactless payment terminal or card reader to make a payment. It offers the ability to scan QR codes in several nations. It is mostly used for in-app purchases, public transportation, paying in-store by tapping, and paying by scanning QR codes. Currently, 25 countries and territories offer Huawei Pay.

Founded: 15 September 1987
Headquarter: Shenzhen, China
Website: www.huawei.com

An electronic replacement for conventional paper methods like checks and money orders, PayPal Holdings, Inc. is an American multinational financial technology firm that operates an online payments system in most countries that permit online money transfers. The business processes payments for internet retailers, auction sites, and several other business users for a fee.

American multinational financial technology corporation PayPal launched a number of payment options specifically for the Chinese market in China in 2005. In 2017, it entered into a contract with Baidu Wallet, and afterwards with China UnionPay. As of 2022, PayPal had 426 million active registered accounts, was present in more than 202 markets globally, and allowed users to store money in more than 25 different currencies.

2019 saw the acquisition of GoPay, a licensed payment provider in China. It gained a dominant position in the domestic online payment business in China in January 2021 when it became the first foreign payment company with a Chinese license and full ownership of the country's payment platform.

Founded: December 1998
Headquarter: San Jose, California, U.S. (corporate headquarters)La Vista, Nebraska, U.S.
Website: paypal.com

Users can make payments online, through iOS apps, and in-person using Apple Pay, a mobile payment service provided by Apple Inc. On the iPhone, Apple Watch, iPad, and Mac, it is supported. At a point-of-sale terminal with contactless capability, it digitizes and can take the place of a chip and PIN credit or debit card transaction.

It can be used with any business that accepts contactless payments; it is not limited to those with Apple Pay-specific contactless payment terminals. It adds two-factor authentication using a passcode, PIN, or Touch ID. Near field communication (NFC), an embedded secure element (eSE) to securely store payment data and carry out cryptographic operations, and Apple's Touch ID and Face ID for biometric authentication are all used by devices to wirelessly connect to point of sale systems.

The use of credit/debit cards (open loop) is also possible on some public transportation systems (such as TfL in London, SL in Stockholm, and at OMNY readers on the subway and bus system in New York City), as well as dedicated travel cards like JR East's Suica, the Chicago Transit Authority's Ventra, the San Francisco Bay Area's Clipper (closed loop), and Hong Kong's Octopus Card.

Digital wallet and mobile payment service Apple Pay is offered by US technology behemoth Apple Inc. It allows users of iPhone, Apple Watch, iPad, and Mac to pay in person, through iOS applications, and via the Safari web browser. In 2016, Apple Pay was introduced in China in partnership with UnionPay and fifteen major banks. Security measures like the EMV Payment Tokenization Standard are used by Apple Pay.

Founded: October 20, 2014
Headquarter: USA
Website: apple.com/apple-pay/

Meituan.com is a group-discount website that offers coupons from merchants for bargains, provided that a certain minimum number of customers request a discount, from which Meituan earns commissions.The majority of Meituan.com's income comes from mobile application services. The business has partnerships with more than 400,000 Chinese businesses in the area. According to revenue, Meituan has the greatest market share, followed by LaShou and 55tuan.

Meituan, a well-known Chinese food delivery and local service juggernaut with a wide range of online and offline services, operates Meituan Pay, a payment platform. It is quicker than any other Meituan payment platform. Meituan Pay also accepts digital yuan from China for payment. Users can utilize the Meituan app for all payments after linking the digital yuan app to it.

Founded: May 2010
Headquarter: Beijing, China
Website: www.meituan.com