China’s payment duopoly may struggle to survive

An Alipay logo is seen at a cashier in Shanghai. Alipay and WeChat Pay services, which enable payments at the convenience of a code scan, have become ubiquitous in daily life in China, with many people now rarely using cash. — Reuters

ALIPAY and WeChat Pay’s dominance of China’s retail payments was scripted over the past decade on the back of the humble quick recognition code.

The same dotted squares could now start to undermine their moat.