More Chinese people are buying financial and investment products and the proportion of adults using electronic payments is increasing, a report showed on Thursday.
Some civil servants have already received part of their salary in the form of digital currency in Suzhou, according to Chinese state-owned media.
China’s Ministry of Commerce released a statement, stating that the digital yuan pilot program would cover most Chinese cities and regions.
Huawei is launching HMS (Huawei Mobile Services) to fend off the negative effects of Google pulling the plug on GMS (Google Mobile Services) for Huawei phones.
PayPal has completed its acquisition of a 70% equity stake in GoPay, making PayPal the first foreign payment platform to provide online payment services in China.
Alibaba’s financial services spin-off, Ant Financial, is said to have acquired a sizable stake in Vietnamese e-wallet eMonkey, according to Reuters.
On November 27, 2019, Alipay and Finablr announced a global partnership to provide cross-border remittance services.
On November 27, Xpeng Motors announced that they have signed a deal with Alipay to jointly develop in-car payment functions.
WeChat Pay and Alipay have increased their utility for Chinese citizens by integrating with the country’s national healthcare system.
Tencent has cooperated with five international financial service companies to make it possible to tie overseas international credit cards to WeChat, thus allowing overseas users to utilize WeChat’s payment services.
Ant Financial has announced that their market leading payment platform is now available for all foreign users to pay in China.
David Marcus, the executive leading Facebook’s Libra initiative, told Bloomberg News that the United States risks ceding ground to China in the global battle for digital payments primacy.
Paytm is close to scoring $2 billion of new financing from investors including Alibaba’s Ant Financial and SoftBank Group Corp., Bloomberg reported citing a person familiar with the matter.
Chinese tech giant Tencent is incubating a financial credit product named Fenfu, which functions similarly to a credit card, and is expected to become available through the company’s instant messaging app WeChat.
On September 11, according to WeChat Global, WeChat Pay and LINE Pay announced that they would further deepen their cooperation in the field of mobile payments and begin integrating WeChat Pay with LINE Pay's merchants in Japan.