Feb 19, 2021
Who’s The Biggest Payment Provider?
If I said, “Who is the biggest payment provider?”, would you say Visa, Mastercard, or maybe take a chance on PayPal?
Well, you would be wrong on all three.
In actual fact, the world’s biggest payment provider is the Chinese provider ‘Alipay’.
When it comes to handling digital payments, PayPal handled $712 Billion last year, while Alipay handled $17 Trillion.
And when you compare it to Visa and Mastercard, each of them was handling approximately 65,000 transactions per second, but Alipay was handling over 450,000 transactions per second, more than three times what Mastercard and Visa handled combined.
But while Alipay is the biggest payment provider in the world, payment services only account for 36% of the parent companies immense revenue. The rest of their revenue is generated through technology and other services.
