According to the report released by Analysys, in the first quarter of 2018, the transaction volume of China's third-party mobile payment market exceeded 40 trillion yuan for the first time, and Alipay and WeChat payment (Tencent Finance) accounted for more than 92%.
After occupying the dominant position of mobile payment in China, the two giants are also making efforts in overseas markets, and they have now landed in 40 countries and regions around the world. In addition to providing payment services, WeChat Payments and Alipay have also established partnerships with tax refund companies to enable Chinese tourists to receive shopping tax rebates through the application.
Recently, Tencent WeChat paid that it will not try to provide more local payment wallets to overseas customers in the next three years, but instead focus on serving Chinese outbound tourists in popular overseas destinations.
Grace Yin, the head of WeChat payment international business, hopes to put Chinese outbound tourists first, not overseas residents. Because WeChat has hundreds of millions of users in mainland China, WeChat payment can be successful. There are not many WeChat users in foreign countries, so developing payment tools can be difficult.
It is reported that in 2017, Chinese tourists spent more than 130 million outbound trips and spent US$115 billion overseas, making China the world's largest source of outbound travel. Thailand, Japan and Singapore are the three most popular destinations for Chinese tourists.
Before, a French brother hoped that Ma Huateng would use WeChat to rescue the local backward mobile payment environment. It seems that it is not easy to achieve in the short term.