Alibaba and Tencent created the infrastructure themselves. First came Alibaba. In 2013, its e-commerce focused payments platform Alipay overtook Paypal as the world's largest mobile payment platform. Then came Tencent's WeChat pay, which was built on top of the wildly successful social network. It quickly captured market share away from its rival, reaching 39 percent in 2017 as compared to Alipay's 54 percent. Unlike Paypal and Venmo in the West, they are used much more broadly than peer to peer payments. Through QR codes, commercial payment adoption has also soared. WeChat and Alipay have become the de facto payment networks in China, with 527 million mobile payment users in 2017 resulting in $32 trillion in transaction value.