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South China Morning Post
18 hours ago
- Business
- South China Morning Post
WeChat and Alipay are China's ‘comparative advantage' in stablecoin race: top economist
China already has de facto stablecoins in the form of WeChat Pay and Alipay, a top economist at the country's leading investment bank has argued – amid growing calls for Beijing to quickly adapt to the global rise of digital assets. Advertisement 'From an economic perspective, money based on third-party payment platforms functions much like stablecoins – and China holds a comparative advantage in this area, having already built a relatively mature regulatory framework,' said Peng Wensheng, chief economist at China International Capital Corporation, in a research note published on Friday. Stablecoins are digital currencies pegged to fiat currencies like the US dollar or Hong Kong dollar, or to reserve assets such as gold. Unlike highly volatile cryptocurrencies such as bitcoin, they combine the speed and efficiency of crypto with the stability of traditional money. According to Peng, platform-based digital money is an extension of legal tender, with safeguards in place to maintain a 1:1 peg with fiat currency. 'Its stability is underpinned by stricter safeguards – customer funds are backed by central bank base money, and regulatory oversight imposes tighter limits on its financial expansion,' he said. Advertisement As stablecoins move to the forefront of global economic and financial debate, Chinese state media has urged policymakers to stay ahead of the curve.
Yahoo
5 days ago
- Business
- Yahoo
WeChat Pay and Alipay Extend Their Reach Across 20+ Countries
The 2025 report unveils China's leadership in mobile wallet adoption, AI innovation, and cross-border expansion, with giants like Alipay, WeChat Pay, and Alibaba redefining digital finance. Highlights include China's e-CNY dominance, global partnerships, and strategic insights for firms in emerging markets. Dublin, June 24, 2025 (GLOBE NEWSWIRE) -- The "China Payments & E-Commerce 2025: Strategic Insights for Global Leaders" report has been added to offering. Drawing from the latest 2025 data, the report highlights China's continued leadership in mobile wallet adoption, cross-border integration, and AI-driven platform innovation. The findings reveal how dominant players such as Alipay, WeChat Pay, and Alibaba are not only reshaping China's domestic market, but also extending their influence globally through strategic partnerships, AI integration, and digital finance innovation. China is no longer just a domestic digital powerhouse - it is setting benchmarks that the rest of the world is watching. Our latest report offers essential strategic context for global companies navigating the convergence of payments, e-commerce, and AI in one of the most complex and dynamic markets. Key insights from the report include: Mobile wallets now account for the vast majority of digital transactions in China, driven by integrated ecosystems combining payments, social media, shopping, and public services. Alibaba and have invested heavily in AI infrastructure and instant delivery, with Alibaba's 88VIP loyalty program surpassing 50 million members. The digital yuan (e-CNY) has reached over USD 7.3 trillion in cumulative transaction volume, now used across more than 29 cities, including for transport, healthcare, and public services. WeChat Pay and Alipay are expanding internationally, with mobile payments accepted across 20+ countries through partnerships with platforms like Stripe. China's 2025 digital finance reforms are reshaping the ecosystem, targeting platform interoperability, data transparency, and enhanced consumer protection. Questions Covered What is the projected total volume of non-cash transactions in the Asia-Pacific region by 2028? What major digital investment has Alibaba committed to by 2028? How is AI reshaping China's digital payment platforms? What is the projected value of China's payments market by 2030? Which payment method accounted for over a quarter of Asia-Pacific's transactions in 2023? How has Generation Z influenced payment behaviour in China Company Coverage: Agricultural Bank of China American Express Apple China Construction Bank DeepSeek ICBC Mastercard Meta Moonshot AI Payoneer Stripe Taobao Tencent Tmall Visa WeChat Zoho Key Topics Covered: 1. Key Takeaways 2. Management Summary 3. Asia-Pacific Non-Cash Payments and Revenue Outlook Total Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f Total B2B Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f Payments Revenue Value, in USD trillion, 2013, 2018, 2020 - 2023 Payments Revenue by Type, Commercial & Consumer in %, 2018 & 2023 Payment Mix of New vs Traditional Payments, in % of Transaction Volume, 2023 Share of Payment Revenue Value, in %, 2027f 4. China: E-Commerce and Digital Payments Landscape 4.1. B2C E-Commerce Market Overview Number of Internet Users, in millions and Internet Penetration, in %, December 2020 - December 2024 Number of Online Shoppers, in millions, and Internet Penetration, in %, December 2020 - December 2024 Share of Online Physical Goods Sales, in % of Total Retail Sales of Consumer Goods, Q1 2025 Breakdown of Total Internet Users by Urban & Rural Areas, in %, Dec. 2023 & Dec. 2024 Top 5 Global Origins for Cross-Border Online Purchases, % of International Shoppers, 2024 Share of International Cross-Border Online Purchases, in %, 2018-2024 Top 3 Source Markets for Most Recent Cross-Border Online Purchase by Chinese Shop., in %, 2024 Willingness to Purchase Luxury or Designer Products Online Without Seeing Them First, in %, 2024 4.2. Leading Platforms and Payment Ecosystems in China Overview of Alibaba's AI Investment Strategy and Platform Integration, June 2025 WeChat Pay Availability on Alibaba's Taobao and Tmall Platforms, June 2025 Taobao and Tmall's Membership Strategy, AI Marketing, and Revenue Drivers, June 2025 Generative AI, Retail Productivity, Consumer Insights, Strategic Adaptation, June 2025 AI-Powered Advertising Strategies of Alibaba, Tencent, and May 2025 Alipay Tap!'s User Growth, Ecosystem Investment, and AI-Driven Healthcare Expansion, June 2025 BNPL Market Growth, Key Platforms, and Sectoral Integration, June 2025 4.3. Digital Consumer Trends and Payment Preferences in China Number of Mobile Internet Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024 Number of Livestream Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024 Share of New Internet Users by Age Group, in %, H1 2024 Mobile Wallet Penetration and Shifting E-Commerce Payment Preferences, June 2025 Functional Use of Generative AI Shopping Tools Among Early-Adopting Consumers, August 2024 Shifting Habits, Rising Spending, and Tech-Driven Convenience, June 2025 4.4. Innovation and Regulation Shaping China's Digital Payment Future Rise of e-CNY and WeChat Pay in Reshaping Global Payment Ecosystems, June 2025 Yuan Internationalization, Cross-Border Payment Infrastructure, and Outbound Tourism, June 2025 Antitrust Enforcement, Financial Data Flow Guidelines, and Online Identity Regulation, June 2025 Digital ID Reforms and their Implications for E-Commerce and Payments, June 2025 4.5. China's Online Payment Landscape: Methods, Usage, and Growth Forecasted Payment Market Size, in USD trillions, 2025e & 2030f Share of Consumer Transactions by Payment Method, in %, 2024 Share of Consumers Using WeChat Pay Daily, in %, 2023 WeChat Pay & Alipay Market Share in % and Ecosystem Penetration in Mobile Payments, 2023 Mobile Wallet Penetration among Adult Consumers, in %, Q2 2023 Mobile Wallet Ownership and Usage, in %, Q2 2023 Mobile Wallet Penetration, Digital Infrastructure, and Consumer Adoption, June 2025 Development of Online Payment Usage and User Penetration, December 2020 - December 2024 Card Transaction Value, in USD trillion, 2024 & 2028f Debit Card Transaction Value, in CNY trillions, 2020 - 2028f Credit and Charge Card Transaction Value, in CNY trillions, 2020 - 2028f Growth of Cross-Border Payments via Acquisitions and Global Partnerships, June 2025 Alipay and WeChat Pay Global Expansion and Cross-Border Usage Trends, June 2025 5. Conclusion: Strategic Evolution of China's Digital Payment Landscape in 2025 For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
18-06-2025
- Business
- CNBC
Klarna CEO wants to turn the platform into a 'super app' with help from AI
Key Points Klarna CEO Sebastian Siemiatkowski wants to make the platform more of an all-encompassing financial "super app" that's personalized and can offer non-financial services. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," Siemiatkowski told CNBC in an interview this week. On Wednesday, Klarna is set to announce the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. Klarna's CEO is so bullish about artificial intelligence that he sees it changing the way the fintech's 100 million users bank every day. On Wednesday, Klarna — a pioneer of the popular "buy now, pay later" (BNPL) payment method — is announcing the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. The move follows in the footsteps of rival fintechs Revolut and N26, which have launched similar offerings. Klarna's plans come with unlimited data, calls and texts and will cost $40 a month. The new telco offering aligns with CEO Sebastian Siemiatkowski's vision to make Klarna more of an all-encompassing personalized financial "super app" that can offer services outside the realms of traditional finance. It isn't the company's first attempt. Previously, Klarna tried to make itself more akin to a "super app" — similar to Ant Group's Alipay and Tencent's WeChat Pay — offering additional services through multiple different buttons. This ended up being "confusing for the customer," however, Siemiatkowski told CNBC in an interview. But the Klarna boss stressed the part AI can play as looks to diversify its services and become known for more than its BNPL offering. "I think in this new AI world, there's a better opportunity to serve customers with different services and then adopt the kind of level of articulation and visualization of those services than there was historically," Siemiatkowski said. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," he added. Super apps are popular in China and in other parts of Asia. They're meant to serve as a one-stop shop for all your mobile needs — for example, having taxi-hailing and food ordering in the same place as payment and messaging services. However, while super apps have flourished in Asia, adoption in Western markets has nonetheless been slower due to a number of reasons. 'Tremendous opportunity' Siemiatkowski says he's spending a lot of his time focusing on AI. "There's a tremendous opportunity for that — but it's just getting it to work," he said. "Everyone who has used it knows it can spit out some exciting stuff but then you need to make sure that it works every time." Going forward, Klarna's chief sees the platform becoming more of a "digital financial assistant" for users' every-day banking needs. "If we have some information that suggests that you are overpaying for your carrier subscription or your data or whatever," Siemiatkowski says, Klarna will aim to use AI to "offer you both a suggestion of a better price model, but also with a click, implement that and make it a reality." Acknowledging issues with Klarna's previous attempt to become a super app, Siemiatkowski says the technology just wasn't "mature" enough at the time. "Ultimately, the north star for all financial products — especially the fintech companies — is to try and be the financial advisor in your pocket," Simon Taylor, told CNBC. "That private banker like experience but provided by a brand becomes the super-aggregator of your financial life, and that's what 'owning the customer' looks like in the age of AI." Taylor added that, while many firms are still figuring out how to use AI, "you've got companies like Klarna building in public and trying to grab market share for a future that might not yet be built." Klarna reported a $99 million loss for the quarter that ended in March, citing one-off costs relating to depreciation, share-based payments and restructuring. Perception problem Still, Klarna has a perception problem to overcome. In the U.S., the firm has become synonymous with the "buy now, pay later" (BNPL) payment method, which allows consumers to pay off orders over monthly installments — typically interest-free. By contrast, European consumers recognize they can use Klarna to store their deposits and pay for things in one go as well as via a credit plan, according to Siemiatkowski. He also expressed frustration with "the kind of memes that we get in in the U.S. when it's like, 'Oh, Klarna launched with DoorDash... it is a sign of the macroeconomic environment," referring to a tie-up the company announced with food delivery app DoorDash earlier this year that was met with backlash online. Siemiakowski said this kind of reaction wouldn't happen in the German or Nordic markets, where Klarna operates more like online payment system PayPal. He sees a future where Klarna works as a more all-encompassing financial ecosystem with add-on services such as features for investments in stocks and cryptocurrencies — which, he adds, is "not that far off." "Offering people the ability to invest in both stock and crypto is is what's becoming a kind of more standard part of a neobank offering," he said, while stressing he doesn't want to compete with popular U.S. stock trading app Robinhood. When will Klarna IPO? Klarna paused plans to go public in April, after U.S. President Donald Trump announced sweeping tariffs on dozens of countries. Siemiatkowski said that Klarna has already achieved what it set out to do in order to be ready for that milestone — namely, building up a brand in the U.S. "The U.S. is now our largest market by number of users. It's a profitable market for us," he said. "Those things have been accomplished." Whether the company does or doesn't go public, the business strategy for Klarna remains the same. "That is just a healthy way to drive liquidity for our shareholders, as well as give the company more ways to fund itself, if it would like to do so, and ... to show that this is a an established company," Siemiatkowski said.
CNBC
18-06-2025
- Business
- CNBC
Klarna CEO wants to turn the platform into a 'super app' with AI
Klarna's CEO is so bullish about artificial intelligence that he sees it changing the way the fintech's 100 million users bank every day as he sets out to diversify the company's services. On Wednesday, Klarna — a pioneer of the popular "buy now, pay later" payment method — is announcing the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. The plans come with unlimited data, calls and texts and will cost $40 a month. The new phone offering aligns with CEO Sebastian Siemiatkowski's vision to make Klarna more of an all-encompassing personalized financial "super app" that can offer services outside the realms of traditional finance. It isn't the company's first attempt. Previously, Klarna tried to make itself more akin to a "super app" — similar to Ant Group's Alipay and Tencent's WeChat Pay — offering additional services through multiple different buttons. This ended up being "confusing for the customer," Siemiatkowski told CNBC in an interview. But the Klarna boss stressed the part AI can play in Klarna's fresh attempt. "I think in this new AI world, there's a better opportunity to serve customers with different services and then adopt the kind of level of articulation and visualization of those services than there was historically," he said. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," Siemiatkowski said in an interview. Super apps are popular in China and in other parts of Asia. They're meant to serve as a one-stop shop for all your mobile needs — for example, having taxi-hailing and food ordering in the same place as payment and messaging services. While super apps have flourished in Asia, adoption in Western markets has nonetheless been slower due to a number of reasons. Siemiatkowski says he's spending a lot of his time focusing on AI. "There's a tremendous opportunity for that — but it's just getting it to work," he said. "Everyone who has used it knows it can spit out some exciting stuff but then you need to make sure that it works every time." Going forward, Klarna's chief sees the platform becoming more of a "digital financial assistant" for users' every-day banking needs. "If we have some information that suggests that you are overpaying for your carrier subscription or your data or whatever, we can now offer you both a suggestion of a better price model, but also with a click, implement that and make it a reality," Siemiatkowski said. Acknowledging issues with Klarna's previous attempt to become a super app, Siemiatkowski says the technology just wasn't "mature" enough at the time. Klarna reported a $99 million loss for the quarter that ended in March, citing one-off costs relating to depreciation, share-based payments and restructuring. Still, Klarna has a perception problem to overcome. In the U.S., the firm has become synonymous with the "buy now, pay later" (BNPL) payment method, which allows consumers to pay off orders over monthly installments — typically interest-free. By contrast, in Europe, consumers recognize they can use Klarna to store their deposits and pay for things in one go as well as via a credit plan, Siemiatkowski noted. He also expressed frustration with "the kind of memes that we get in in the U.S. when it's like, 'Oh, Klarna launched with DoorDash ... it is a sign of the macroeconomic environment," referring to a tie-up the company announced with food delivery app DoorDash earlier this year that was met with backlash online. Siemiakowski said this kind of reaction wouldn't happen in the German or Nordic markets, where Klarna operates more like online payment system PayPal. He sees a future where Klarna works as a more all-encompassing financial ecosystem with add-on services such as features for investments in stocks and cryptocurrencies — which, he adds, is "not that far off." "Offering people the ability to invest in both stock and crypto is is what's becoming a kind of more standard part of a neobank offering," he said, while stressing he doesn't want to compete with popular U.S. stock trading app Robinhood. Klarna paused plans to go public in April, after U.S. President Donald Trump announced sweeping tariffs on dozens of countries. Siemiatkowski said that Klarna has already achieved what it set out to do in order to be ready for that milestone — namely, building up a brand in the U.S. "The U.S. is now our largest market by number of users. It's a profitable market for us," he said. "Those things have been accomplished." Whether the company does or doesn't go public, the business strategy for Klarna remains the same. "That is just a healthy way to drive liquidity for our shareholders, as well as give the company more ways to fund itself, if it would like to do so, and ... to show that this is a an established company," Siemiatkowski said.
South China Morning Post
12-06-2025
- Business
- South China Morning Post
WeChat Pay records fourfold rise in mainland tourist taxi payments in Hong Kong
WeChat Pay Hong Kong has recorded a fourfold increase in mainland Chinese tourist payments for taxi services in the city from last year and growing usage among locals and visitors alike, according to parent company Tencent. Vice-President of Tencent Financial Technology Daniel Hong Danyi said on Thursday that the number of transactions from mainland tourists paying for taxi fares through WeChat Pay had seen a fourfold increase year on year. 'We saw that previously, many mainland tourists coming to Hong Kong realised taxis here do not support mainland payment methods. So over the past year, we spent a lot of time and effort to enable more taxi drivers to accept payments from WeChat,' he said. The platform has been offering taxi drivers perks such as zero handling fees, including for customer transactions and moving money into bank accounts. Hong added more than 20,000 taxi drivers across the city now accept both the local WeChat Pay HK accounts and the mainland version, contributing to an overall significant rise in transaction volume. The tech giant also reported growth in the adoption of its 'mini programs' by Hong Kong merchants, which doubled year on year in both usage and transaction amounts throughout the first five months of 2025. Mini programs are apps that run within the WeChat ecosystem, providing a range of functionalities, including e-commerce, travel booking, and local services, without requiring users to download a separate app or exit the platform.
