Alipay, the major competitor to date, allows users to keep making repayments royalty-no cost and in real-time. Altogether, 42 partner banking institutions support the payment program. Although the regular monthly transaction restrictions in Alipay vary, based on which bank you utilize as a customer, the limits remain much higher than in WeChat Pay: For buyers of China Merchants Lender z. For instance, the limitations are RMB 25,000 (approximately $ 3,832) per transaction and Shanghai Pudong Expansion Bank customers have a regular limit of RMB 50,000 (approximately $ 7,664). As early as 2014, a lot more than 10 million users global used Alipay as their preferred payment system. To date, the amount of users has increased to 520 million.
There are several other payment platforms in China supplying free of charge credit card payments
In 2014, the Chinese financial platform JD Finance likewise released a toll-free credit cards payment service. The maximum transaction limit through JD Finance happens to be 30,000 RMB (about 4,595 USD) each day or 50,000 RMB (about 7,658 USD) monthly. JD Finance offers its users special discounts on selected promotions. On the other hand, there are issues about the speed of bookings that are made with some users with extensive delay.
Credit cards holders in China can also employ Baidu Wallet’s free service for their obligations. Baidu guarantees its users to practice all transactions within a day. The repayment limit here is a maximum of RMB 50,000 ($ 7,658) per day.
With 38 banks, www.wechatka.com presents its users a similar range of providers as Alipay, using a transaction limit of RMB 40,000 (roughly $ 6,119) per day and RMB 50,000 ($ 7,658) per month in the higher league. However, additionally, there are problems with the synchronization of transactions with the partner banks, which can lead to repayment delays. In China, this resulted in a poor user rating.
Although WeChat is currently aiming to make a profit through its costs, this decision can bring about a loss of many users. The range of online repayment platforms in China is certainly large. In the end, customers and businesses decide which systems they would like to go in the future.