The competition pattern of "duopoly" is still solid, while the competitiveness of UnionPay, a state-owned player, is improving.
The penetration rates of Tenpay, inclusive of WeChat Pay and Mobile QQ Wallet, and Alipay are 89.2% and 69.5% respectively, with the number of estimated users reaching 940 million and 740 million respectively, according to an Ipsos survey.
Compared with the results of the previous survey, Tenpay's user size has slightly increased and Alipay's user size has remained stable.
The two giants both own tremendous users, their mutual penetration rate has reached 94.3%, which is very close to the overall user penetration rate of 95.1%, and both are rigid in-demand tools.
On the other hand, the penetration rate of UnionPay’s Cloud Flash Payment reached 20.3%, an increase from 18.0% in the previous survey, with an estimated user size of about 220 mil...
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