China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa
China Fintech on the rise as ” Tencent in five days processed 25,000 payments per second, 800 million payments per hour over Chinese New Year,” Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase said at the Rise Conference in Hong Kong last month. While “JPMorgan every year processes QuickPay 94 million payments. Visa has a maximum capacity of processing (25,000), but Alipay can process 50,000 payments, twice as much, per second.”
” JP Morgan processes 94 million payments annually. Tencent do 8.5 times more in 1 hour over Chinese New Year “
A Goldman Sachs’ report revealed an estimated 3.4 billion third-party payment accounts in China in 2016. Tenpay (Tencent) managed around 600 million payment accounts (Dec 2016) while Alipay (Alibaba) had reached 520 million payment accounts (March 2016). Both numbers dwarf the 197 million users Paypal has globally.
Source: South China Morning Post
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