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This Brief explores the emergence, similarities, and differences between China's Alipay and WeChat Pay and the affects these elements may have on the way they compete in the rural arena.
Last year, peer-to-peer (P2P) lending in China surpassed the US$100 billion threshold and confirmed China as the world’s largest P2P lending market, leaving North America a distant second. This tremendous growth was driven by a mix of circumstances.
It is time for DFIs to adopt an alternative approach to financial inclusion that prioritizes needed market changes. A shift to a market systems approach addresses this need and requires that DFIs carefully analyze each market to determine the key gaps, underlying causes, critical actors, and theory of change for bringing about sustainable market development.
This paper aims to be a first step in providing a picture of the extent and nature of financial inclusion in the People's Republic of China and the size and characteristics of the unbanked and underbanked market.