Alipay, WeChat Pay vie for customers

Positive factors: The widespread adoption of mobile payments is fuelled by growing smartphone usage and the expansion of e-commerce. — Reuters

BY dishing out a slew of incentives, such as cash rebates, free bus rides and even a chance to win gold, digital payment companies are taking the cashless payment fever to new heights. The battle comes after UnionPay and Apple both rolled out similar programmes in June and July to cultivate customer loyalty in China.

During the promotional period, consumers who use Alipay, the world’s top mobile payment tool, for their transactions stand to earn up to 4,888 yuan (US$727) in cash rebates if they make purchases at any of the 10 million-plus brick-and-mortar stores across the country accepting the service.