Alipay, the largest competitor to time, allows users to continue making repayments royalty-no cost and in real-time. In total, 42 partner banking institutions support the payment platform. Although the every month transaction restrictions in Alipay change, according to which bank you use as a person, the limits remain much higher than in WeChat Pay: For clients of China Merchants Lender z. For example, the limitations are RMB 25,000 (approximately $ 3,832) per deal and Shanghai Pudong Advancement Bank customers have a regular limit of RMB 50,000 (roughly $ 7,664). As early as 2014, a lot more than 10 million users world-wide employed Alipay as their preferred payment program. To date, the number of users has increased to 520 million.
There are several other payment systems in China providing free of charge credit card payments
In 2014, the Chinese financial platform JD Finance as well created a toll-free credit cards payment service. The utmost purchase limit through JD Financing is currently 30,000 RMB (about 4,595 USD) per day or 50,000 RMB (about 7,658 USD) monthly. JD Finance also offers its users special discounts on selected marketing promotions. Nevertheless, there are problems about the acceleration of bookings that are made with some users with significant delay.
Credit cards holders in China may also work with Baidu Wallet’s free service for their obligations. Baidu promises its users to practice all transactions within a day. The payment limit this is a optimum of RMB 50,000 ($ 7,658) per day.
With 38 banks, www.wechatka.com provides its users a similar range of products and services as Alipay, playing with a deal limit of RMB 40,000 (around $ 6,119) each day and RMB 50,000 ($ 7,658) per month in the upper league. However, additionally, there are issues with the synchronization of transactions with the spouse banks, which can lead to repayment delays. In China, this led to an unhealthy user rating.
Although WeChat happens to be aiming to make a profit through its fees, this decision can result in a loss of many users. The number of online repayment platforms in China can be large. In the end, customers and corporations decide which platforms they would like to go in the foreseeable future.