A payment technology once considered dormant is making a strong return. NFC-based “Tap to Pay” is back in the spotlight, with Alipay’s version surpassing 200 million users just over a year after its June 2024 launch. The debate between QR code and NFC payments dates back to the early days of mobile payments. Industry insiders now see Alipay’s move as a chance to reclaim ground in China’s offline mobile payment market, where QR codes have long dominated.
Today, the competition between tap and scan comes amid a more diverse payment landscape. China’s offline mobile payment market has moved beyond a single format, entering a multi-layered stage shaped by different technologies and distribution channels.
With the domestic market nearing saturation, expansion abroad has become a natural step for payment giants. Data from Diandian suggests the global mobile payment market will maintain annual growth of around 20% over the next three years, topping USD 30 trillion by 2026. To seize this momentum, Alipay, WeChat Pay and UnionPay are all investing in cross-border solutions, exporting China’s mature mobile payment technologies and products to international markets.
