China moves further towards cashless society as payment giants Alipay, WeChat Pay gain ground

Alipay and WeChat Pay have further consolidated their popularity, ranking as the top two preferred payment options among China’s high net worth individuals, according to a survey released on Wednesday.

Alipay, the mobile payment arm of Ant Financial, an affiliate of Alibaba Group Holding, remained as the No 1 preferred payment system among China’s super rich for the second straight year, according to the Hurun Chinese Luxury Consumer Survey 2018.

WeChat Pay, which is controlled by Tencent Holdings, was ranked the second most popular payment option according to the survey, reflecting the swift rise and popularity of mobile payments in the world’s second largest economy.

In a similar poll of wealthy individuals two years ago, bank cards ranked as the most preferred payment system. However, they have since fallen to become the third most popular choice, though they still rank ahead of cash.

The survey polled 463 mainlanders with personal net worth of more than 10 million yuan (US$1.6 million) during a six-month period through December. On average, the respondents were 40 years old and had personal wealth of 62 million yuan.