The 100 billion yuan figure is also dwarfed by the volumes recorded by the country’s top payment providers such as Tencent’s WeChat Pay and Ant Group’s Alipay. The latter, for example, processed payments worth 118 trillion yuan ($16.4 trillion) in the 12 months ending in June 2021, according to the SCMP’s report. Ant Group is the fintech affiliate of Chinese e-commerce giant Alibaba, which also owns the SCMP.
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