WeChat Pay & Alipay‘s Market Mechanism

WeChat Pay and Alipay do have pay function, but not to do the payment which is only one important part. They finally aim to integrate merchants into their billions of users by the payment.

If there is a social network between people, then payment is the key to connect people and enterprises. The sale of goods, services, remittance transfer, investment, donation all need payment will be WeChat and Alipay's main battlefield.

In the past times, a good product will be able to attract users. However, on today's point of view, one produce a good app, the others copy, everyone has similar technical strength, design capability without difference. Moreover, BAT(Baidu, Alibaba, Tencent) is basically able to make a very good product and your battlefield is not the product.
  • "Mi chat," "Laiwang" and "Yixin" products do better than the initial WeChat, but lost in the amount of users
  • "PaiPai", "ebay" are not worse than Taobao, but lost in the operation, Alibaba spent 10 years slowly cultivating mature
Recently, UnionPay launched two-dimensional code payment standard, to be honest, a bit late. To make an industry standard really catch up? I don't think so. Internet era has gone from product competition to the attention of the competition. We take a look at online payment giant - WeChat and Alipay, how to go from online to offline by analyzing two-dimensional code payment scenario.

WeChat Pay and Alipay are an alternative for cash transactions and credit card transactions, the market is huge and the current share of small, there is huge room for growth.

WeChat Pay / Alipay has sufficient user volume
Alipay active users 4 million, WeChat active users 8 million, binding credit card users in general more than 4 million; 67.2% of users open WeChat 10 times a day or more, 60% users of micro-traffic accounted for 41% of the total flow; WeChat / Alipay young people, 18-35 years of age for the consumption of the main user groups, the proportion of 86.2%;

WeChat Pay / Alipay has more offline trading scenariosNow the value of mobile payment has not tired, whether it is Alipay or WeChat, are vigorously access to the line under the brand, business, and vigorously expand the scope of use o2o.

Now in many areas, supermarkets, shops, to see the sweep sweep, a variety of television two-dimensional code to sweep, basically WeChat public attention. Because of the huge amount of users, resulting in the operation and promotion of these third parties more dynamic, in turn, it is precisely because the third party is more dynamic, and will promote their online payment using the sweep code payment.

We usually need to bring out mobile phones, bank cards, cash, keys, today, we go out, just need to bring a mobile phone is enough.
  • Go to the mall to buy clothes, buy the checkout, as long as produce their payment code, sweep code payment. (shopping)
  • Go to the supermarket to buy things, buy the checkout, as long as the production of their payment code, sweep code payment. (life services)
  • Residential property, water and electricity, sweep code payment, (residential)
  • To the hotel a la carte, the menu with WeChat two-dimensional code, sweep code payment. (food)
  • Go to work a taxi, drop car, sweep the code to pay. (travel)
After 2014 so far, WeChat / Alipay to carry out the line payment promotion is already very mature, especially in the second and third tier cities.

WeChat Pay / Alipay uses high-frequency app into payment
High-frequency means that your app will always be opened, the promotion of more advantages. 1. Transfers. 2. AA dinner collection. 3 drops of a taxi. 4. Consumption payments. Combined with the application scenarios, WeChat / Alipay has successfully developed a mobile phone payment habits.

Both WeChat Pay and Alipay have established innovative financial products based on data credit (social data, behavioral data and a set of credit systems), and both companies will be in their respective areas of blooming.

Sources: Saomaba, ChinesePayment

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