Card payments did not have the decades-long advantage over mobile phone-based payments in China that was true in much of the world. Mass availability of payment cards began with the establishment of UnionPay in 2003. By 2006, Alipay mobile phone-based QR code payments were also available to China’s consumers. With 450 million active users, Alipay is now as popular as UnionPay. Most Alipay transactions are settled directly with China’s banks, bypassing UnionPay. The same is true for QR code-based person-to-person and point-of-sale payments from WeChat Pay. WeChat is a mobile social netwo...