Alipay and WeChat Pay enabled $2.9 trillion in Chinese digital payments in 2016, a 20x growth in 4 years. Alibaba group investments has helped Paytm go from 5 million to around 200 million users in last few years.
Ant Financial is not the only payments company raising large amount of funding. The finance unit of rival JD.com - JD Finance - raised $1.02 billion funding round in January, valuing it at $7.2 billion. Another Chinese company, Meituan-Dianping, an online seller of movie tickets and restaurant bookings, has also secured $3.3 billion in January.