China’s Quiet Fintech Coup
China’s fintech growth, on the back of platforms such as Alibaba and WeChat, has been unprecedented. With a record $12.8 trillion in mobile payment transactions in the 10 months to October last year, China easily surpassed the U.S. figure of $49.3 billion during that period.
Mainly two apps – WeChat and Alipay – are making all this possible. These apps owned by Chinese internet giants Tencent and Alibaba, respectively, control 93% of the country’s mobile payments market. Source.