EXECUTIVE SUMMARY: This report examines two of China’s most far-reaching applications – WeChat and Alipay – and explores their role in the development of one of the world’s largest and most sophisticated digital payments ecosystems. The report illustrates how incorporating digital payments into existing services has unlocked economic opportunities for hundreds of millions of users, including through low-risk savings accounts, new credit assessment and lending services, and by opening up new markets for micro, small and medium enterprises.