Alipay and WeChat Pay facilitated a total of $2.9 trillion in digital payments in China last year, according to a new study by UN-backed Better Than Cash Alliance.
The research shows that Alipay and WeChat payments have increased from transactions of around $81 billion in 2012 to $2.9 trillion in 2016.
The study highlighted that the Chinese government has made digital payments a focus of increasing financial inclusion and growth.
It found that Alipay and WeChat control nearly two thirds (63%) of market share in digital payments across the country and are actively looking to drive financial services innovation in new markets elsewhere.
The report also discovered that non-cash payments accounted for nearly 60% of retail transactions in China. For all the non-cash payments, Alipay and WeChat payments netted 28% of all the retail transaction fees.