Mobile payment is part of the industry that’s getting nuclear-level hot.
There’s no doubt the sector’s biggest player is Alipay.
A recent study says that the company dominated the China market last year cornering more than 70 percent of it.
Wechat Pay is a distant second accounting for just 13 percent of total mobile pay transactions.
But they could be facing stiffer competition especially with two other tech heavyweights jumping in.
Smartphone makers Huawei, Samsung and Apple are also angling to carve their share of the market.
All of them are bullish about the market’s potential growth.
In 2015, roughly half of China’s internet users made payments online and worth about 2 and a half billion dollars. That’s double the amount in 2014.
For more on China’s booming mobile payment market, CCTV America’s Rachelle Akuffo spoke to Eric Schiffer. He’s the CEO of Patriarch Equity.