China’s Alipay, Wechat Pay Record $3 Trillion In Digital Payments In 2016

China's two leading Internet and mobile payment tools, Alibaba's Alipay and Tencent's Wechat Pay together enabled US$2.9 trillion in Chinese digital payments in 2016, representing a 20-fold increase over the past four years, says a new United Nations' study.

"There is a quiet revolution underway and we know, firsthand, that our services are making a real difference to hundreds of millions of consumers. But, as this groundbreaking UN report highlights, this revolution is only just beginning," says Eric Jing, CEO of Ant Financial Services Group, which operates Alipay. "We see tremendous potential to bring many more people into the financial system, in China and markets around the world."

The data shows that digital payments, using existing platforms and networks, provide access to a wider range of digital financial services, expanding financial inclusion and economic opp...

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