Alipay vs. UnionPay

May 25, 2022

Alipay vs. UnionPay: Which Payment Processing Technology Reigns Supreme?

When it comes to payment processing technology, two big players come to mind: Alipay and UnionPay. Alipay is a mobile and online payment platform while UnionPay is a card-based payment system. Both systems are widely used in China, making it important for businesses and individuals to understand the differences between them to determine which is right for them.

In this blog post, we will compare Alipay and UnionPay in terms of market share, transaction volume, fees, and availability.

Market Share

In terms of market share, Alipay and UnionPay are both popular in China. However, Alipay has a slight edge over UnionPay. According to Statista, Alipay's market share in China in Q4 2021 was 53.9%, while UnionPay's was 32.6%.

Transaction Volume

In terms of transaction volume, both Alipay and UnionPay excel. According to China Daily, during the 2021 Spring Festival, Alipay processed 1.8 billion transactions with a total value of CNY 2.3 trillion, while UnionPay processed 6.32 billion transactions with a total value of CNY 8.05 trillion.

Fees

When it comes to fees, Alipay and UnionPay have different payment structures. Alipay typically charges a 0.55% fee for merchants to receive payments from customers using credit cards or debit cards. UnionPay, on the other hand, charges a flat rate of 0.6% for all transactions, regardless of how they are made.

Availability

Alipay is a mobile and online payment platform, making it easily accessible to users who have internet access. UnionPay, on the other hand, requires individuals to have a physical card. While UnionPay cards are widely accepted across China, Alipay's mobile and online payment platform is becoming increasingly popular.

Conclusion

Overall, both Alipay and UnionPay are highly regarded payment processing technologies with different strengths. Alipay's mobile and online payment platform offers convenience and accessibility while UnionPay offers a highly accepted card-based payment system. Ultimately, which payment processing technology is right for you will depend on your specific needs and preferences.

References


© 2023 Flare Compare