With the advancement and development of science and technology, the Internet has become a popular industry today. Internet technologies and products have penetrated into every aspect of our lives. Nowadays, mobile payments account for a very high proportion in our country, and people have become accustomed to going out without taking out their wallets. According to relevant data, the number of mobile payment users in China reached 733 million in 2019, and is expected to grow to 790 million in 2020. Currently, mobile payment in the market is divided between two major platforms, one is Alipay and the other is Tenpay, which is WeChat Pay. Then these two payment platforms occupy more than 90% of the market share of mobile payment and are in the first echelon of mobile payment.

These two platforms entered the mobile payment market relatively early. They have been deeply involved in this market for a long time and have a huge user group, and the stickiness between users is particularly high. These two payment methods cover a wide range of scenarios and can basically be used no matter where they are. Nowadays, people are accustomed to shopping online, and one of the payment tools we need when shopping online is Alipay. When making offline payments, many people are accustomed to using WeChat because it is more convenient. At the same time, Alipay is also making arrangements for offline payments.

The remaining 10% is occupied by other payment methods, such as Suning Pay, JD Pay, Union Quick Pass and other platforms. The main problems with these payment methods that account for a relatively small proportion are that the usage scenarios are not rich enough, they are not convenient and fast enough, and users’ desire to continue using them is not strong.

So in the future, Alipay and WeChat Pay will still be the dominant payment methods. They have become two competing giants. Although there are some differences between them, their functions are basically similar. In terms of future development, it all depends on which of the two companies can provide better services to make customers more satisfied, and who can attract more new users.