The mobile app of Taobao, a leading Chinese online shopping platform operated by Alibaba, has begun to provide the option to use Tencent's WeChat Pay.
Chinese authorities are considering requiring Tencent to include its WeChat Pay system in a newly created financial holding company.
People’s Bank of China (PBoC) previously issued a notice, stipulating that personal payment reception QR codes cannot not be used for business, but can still be used normally for non-business scenarios.
Chinese communications platform WeChat has recently tested a cross-border e-commerce mini program called “Shopping Around World Online,” with Tenpay as the main channel.
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China’s central bank has recently released the pilot version of an app for e-CNY, the country's official digital currency, on the Apple and Android app stores. Furthermore, the digital RMB wallet of WeBank was also launched.
The personal money reception codes on electronic payment platforms will be gradually limited from use in business operations in China.
11 institutions' apps including Unionpay QuickPass, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have all been promoting cooperation with Tencent's WeChat Pay.
Tencent announced on Thursday that WeChat Pay and UnionPay Mobile QuickPass are promoting cooperation between their payment platforms and are now integrating each other's payment methods into one another another.
Alibaba has further adopted WeChat Pay service on applications including Ele.me, Youku, Damai, Kaola and Shuqi, among others.
According to the latest PBoC report on the overall operation of payment systems during the second quarter of 2021, the number of automatic teller machines (ATMs) in the country has fallen below one million.
Huawei gained a mobile payment license after purchasing full control of Sharelink Network Co., a licensed digital payment firm.
China’s central bank on Wednesday released a set of proposed guidelines to step up antitrust measures in the country’s booming online payments sector.
WeChat has officially rolled out a personal credit rating system to determine the trustworthiness of users.
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.