Will Digital Wallets Trigger a Financial Crisis?

Such a crisis would be catastrophic because Alipay and WeChat Pay reportedly processed $16 trillion worth of payments last year.
To make matters worse, WeChat Pay alone had 600 million users in August 2017, Statista calculated. Furthermore, Alipay had 400 million users. Therefore one billion people might be affected by a collapse of those organizations.

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Apple Pay more Popular than WeChat Pay in Hong Kong

Strangely enough, Hong Kong consumers liked WeChat Pay better but used Apple Pay more.

Only 8% of respondents admitted to using WeChat Pay, 16% used Ant Financial’s Alipay, and 17% used Alphabet’s (NASDAQ: GOOG) Google Pay.

Even though WeChat Pay was number three; it had the highest customer satisfaction rating of 7.7 out of 10 points, Apple Pay was number two with 7.6 points.

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