Market Share of China Payments Industry
The China payments market is consolidated as few of the major players currently hold significant market share. These major players offer innovative mobile payment solutions and indulge in partnerships and acquisitions to gain market share. Major players in the China payments market include AliPay (Alibaba Group), WeChat Pay(Tencent Holdings Ltd.), and UnionPay International, among others.
In October 2022, MojodomoHoldings Limited, a performance-based voucher solution provider, announced the launch of "On-us," a new brand aimed at giving customers a trusted, seamless, personal, and social brand experience through incentives solutions that integrate financial, payment, and marketing technologies. In May 2022, HSBC launched a USD 5 billion sustainable finance program to support Greater Bay Area (GBA) firms in reducing their carbon footprints. Companies of various types with headquarters in the 11-city megalopolis in southern China that implement carbon-reduction initiatives are welcome to submit applications to the bank's GBA Sustainability Fund, which is open for 18 months.
China Payments Market Leaders
-
AliPay (Alibaba Group)
-
WeChat Pay (Tencent Holdings Ltd.)
-
UnionPay International
-
JDPay.com (JD.com))
-
Apple Pay
*Disclaimer: Major Players sorted in no particular order
