In China, financial services providers are competing to be the best lifestyle companion.
The illustration is courtesy of Alipay on iOS, since it has the most English as well as the most features. Some other banks mobile apps seem have complete interface makeovers almost monthly, trying to keep up.
Despite the extensive features of Alipay, WeChat – effectively the Chinese Facebook – remains the strongest contender. For the 846million+ active mainland China accounts with WeChat Wallet capabilities, the convenience of being able to transact within the main social media tool captures a dominant market position.
I’ve seen much discussion on what is fintech and where it is going: from the China perspective the battle is for the consumer via lifestyle apps with integrated payments functions.