REPORT: Ant Financial and Tencent are rapidly growing their financial services ecosystems - here's exactly what they offer and where we think they'll go next
- This is a preview of the Fintech Disruptors from the East research report from Business Insider Intelligence.
- 14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports.
Over the past 15 years, spending in China has become increasingly powered by mobile payments. In Q4 2018, China's third-party mobile payments industry was estimated to be worth 47.2 trillion yuan ($6.8 trillion) per Analysys, as cited by TechNode. This eclipsed the country's total retail sales for all of 2018, which came in at 38.1 trillion yuan ($5.5 trillion).
The mobile payments market is controlled by Ant Financial's Alipay, which held a leading 53.8% market share in Q4 2018, and Tencent's WeChat Pay, which, along with fellow Tencent-owned payment service QQ Wallet, commanded a 38.9% share.Ant and Tencent's combined mobile payments dominance means that other companies need to actively work with or against the powerhouses, especially as they've also stretched into other financial services, including peer-to-peer (P2P) payments, cross-border capabilities, wealth management features, consumer lending, and insurance. Advertisement
In Fintech Disruptors From The East, Business Insider Intelligence looks at a variety of financial services offered by Ant Financial and Tencent, the different categories they fall under, and the benefits each one offers the firms. We also examine their current strategies for expansion and consider the steps they may take in the future to grow their businesses, both in China and abroad.The companies mentioned in this report are: Alibaba, Alipay, Ant Financial, Chase, Citcon, First Data, GCash, Go-Jek, Grab, JD.com, Line, Moneygram International, Paytm, QQ, Telenor Microfinance Bank, Tencent, Uber, WeBank, WeChat, WeChat Pay, WeChat Payments Score, Weixin, WeSure, and Wirecard.
Here are some of the key takeaways from the report:
- Ant Financial and Tencent dominate China's huge mobile payments industry through Alipay and WeChat Pay, and both firms have built cohesive financial ecosystems to further attract consumers and their funds.
- Generally, Ant Financial's payments and financial services are further developed, but Tencent's huge user base thanks to WeChat has helped it gain ground.
- Ant and Tencent have expanded their services in Southeast Asia, but Ant appears more interested in further growing its reach.
- Examines the financial ecosystems of Ant Financial and Tencent.
- Analyzes the offerings of Alipay and WeChat Pay as well as how they grew to their current positions atop the Chinese mobile payment market.
- Details Ant Financial and Tencent's financial features beyond Alipay and WeChat Pay and how they create a more comprehensive slate of offerings.
- Looks at the expansion of both companies and considers what each may do next, both in China and abroad.
- Purchase & download the full report from our research store. >> Purchase & Download Now
- Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of Ant Financial and Tencent's rapidly expanding array of financial services.
Get the latest Alibaba stock price here.
- C'garh: 68 new COVID-19 cases push count to 361
- Covid tally in Ker touches 963; 67 new cases,over 1 lakh under observation
- Pune COVID-19 cases up by 327 to 6,480; death toll 289
- Passenger on IndiGo's Chennai-Coimbatore flight tests COVID positive; airline 'grounds' crew
- Ahmedabad COVID-19 cases rise by 251 to 10,841; death toll 745