There are two major credit card networks and essentially 0 new entrants in that space. Your "various credit/debit cards" are most likely with the same two networks, linked to different bank accounts, just as they could be with Alipay. They just have different branding.
Two is a lot more than one, for competition purposes, but it's hardly a wide open market where "anyone can compete", and it's the same as the number of major consumer payment networks in China (Alipay and Wechat pay).
Two is a lot more than one, for competition purposes, but it's hardly a wide open market where "anyone can compete", and it's the same as the number of major consumer payment networks in China (Alipay and Wechat pay).