Mobile payment platforms also represent a threat to the banking and financial services industry. AliPay, the digital wallet operated by Alibaba offshoot Ant Financial, boasts 520 million Chinese customers representing 51% of China’s $11 trillion internet payment market, and the company is expanding outside China.55 Its rival, WeChat Pay, linked to the WeChat message service offered by Tencent, accounted for 40% of that market 56 57 in 2016 and has moved into Malaysia. Both services’ mobile payment volumes dwarf totals logged in the U.S. Mobile payments also have driven growth at PayPal, whose latest quarterly profit rose 32% rise in its most recent quarterly report, powered in part by Venmo, the company’s social payment platform, and by partnerships with big banks like JPMorgan Chase, as well as tech titans like Google, Apple, and Facebook.58 Those digital-first giants provide their own challenges, as researchers expect Apple, Facebook, and Google to drive growth in payments through their customers’ smartphones.59 Mobile devices have given consumers powerful tools for conducting a universe of financial transactions, and they expect their banks (like their stores and governments) to work ‘anytime, anywhere,’ like their favorite apps. 55 Economist, China’s Digital-Payments Giant Keeps Bank Chiefs Up At Night, August 19, 2017, accessed March 13, 2018, https://www.economist.com/news/business/21726713-ant-financial-500m-customers-home-plans-expand- chinas-digital-payments-giant-keeps 56 Financial Times, China Moves to Impose Order on Mobile Payments Boom, December 28, 2017, accessed March 13, 2018, https://www.ft.com/content/b7866e7c-eb8e-11e7-bd17-521324c81e23 57 Business Insider, Tencent’s Expansion of WeChat Pay into Malaysia is Important for its Long-Term Success, November 22, 2017, accessed March 15, 2018, http://www.businessinsider.com/tencent-expands-wechat-pay-to- malaysia-2017-11 58 Reuters, PayPal Tops Profit Estimates, Lifts Target on Mobile Payments Growth, October 19, 2017, accessed March 13, 2018, https://www.reuters.com/article/us-paypal-hldg-results/paypal-tops-profit-estimates-lifts-target-on- mobile-payments-growth-idUSKBN1CO2ZW 59 Juniper Research, Why 2018 is the Year of Social Payments, January 2018, accessed March 13, 2018, https://www. juniperresearch.com/document-library/white-papers/why-2018-is-the-year-of-social-payments