1.Alibaba Group
China is touted as the world’s fastest-growing mobile payment market with many world’s leading mobile payment companies, including Tencent and Alibaba dominating the industry. Alibaba, the e-commerce giant has been dominating China’s digital payments market since the launch of its third-party online payment platform; Alipay in 2004. Alipay accounts for more than half of China’s online transactions with over 600 million Alipay registered users. After China became an almost cashless society, Ant Financial (Alipay’s parent company) has been expanding its services to global markets including Thailand, France, Canada, India, Pakistan, Italy, Malaysia, South Korea, and the United States.
2.Apple Pay
Apple Pay, the fastest-growing contactless payments platform developed by Apple for iPhone users to securely make payments is enjoying huge success in the overseas market with 85 % of the total users being international and 15% in the US. Apple Pay is available in the United States, Canada, Australia, Russia, UAE, Singapore, Taiwan, Hong Kong, Japan, New Zealand, United Kingdom, China, along with various European countries. The leading mobile wallet supports most major debit or credit cards, including, Mastercard, Visa, UnionPay, American Express etc. Apple Pay today has approximately 252 million users, that equates to more than 31 percent of the active iPhone users, making Apple Inc. one of the world’s largest mobile payment companies.
