Tencent QQ Wallet to boost mobile payments market

Tuesday 22 July 2014 10:56 CET | News

Tencents online payment service arm Cai Fu Tong has teamed up with IM service IM QQ to launch a mobile payment service called QQ Wallet.

The new service is set to put Tencent in strong competition with rival Alibaba for the mobile payments market.

However, the question remains how is QQ Wallet going to be different from Tencent’s WeChat payment service.

According to the source, the number of active users on QQ is at least 80 million, while that of IM QQ is 550 million. Additionally, QQ Wallet could help penetrate the market in the remote areas into which WeChat has not forayed.

Currently, Alipay has 400 million users, while IM QQ and WeChat are expected to become dominant players in the mobile payments market, with 500 million users.

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Keywords: Tencent, QQ Wallet, mobile payments market, mobile payments, China
Categories: Payments & Commerce
Countries: World
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