Payments News
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Global

Welcome to China. You Probably Can’t Buy Anything, Though.

“China was never an easy place for tourists, but lately just about everything seems to have gone square-shaped—as in the payment-app QR code needed to unlock much of the Middle Kingdom. It’s how people hail taxis, consult doctors, pay for meals and book flights. Even beggars are asking for money via QR code. Not needing […]

On The Web

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Domains

China mobile payments maintain rapid growth in Q3

“China’s mobile payments continued fast growth in the third quarter of 2019, showed data from the central bank. Banks in the country processed 27.27 billion mobile payment transactions in the period, up 61.05 percent year on year, said the People’s Bank of China in a report. Value of these transactions increased by 31.52 percent from […]
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Global

China Central Bank to Set Standards for 17 Fintech Categories, Including Blockchain – CoinDesk

“Speaking at a meeting of the National Technical Committee, PBoC vice president Yifei Fan said the bank aims to better regulate new technologies applied across the financial industry, according to a report from state media Xinhua News Agency. Fan said blockchain is among 17 categories of financial technologies, including cloud services and artificial intelligence, to […]
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Global

China’s Central Bank Likely to Pilot Digital Currency in Cities of Shenzhen and Suzhou: Report – CoinDesk

“The tests are likely to include the participation of state-owned partners. These comprise the “Big Four” commercial banks – the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and the Agricultural Bank of China – and three telcos, China Telecom, China Mobile and China Unicom. The pilots will see the digital […]
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Global

China Quarantines Cash to Sanitize Old Bank Notes From Virus

“The government cut off the transfer and allocation of old bank notes across provinces, and between cities most affected by the deadly outbreak, according to Fan Yifei, People’s Bank of China’s deputy governor. The central bank also ramped up measures to sanitize old money to reduce contagion risks and added 600 billion yuan ($85.9 billion) […]
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Global

China Rolls Out Pilot Test of Digital Currency

“China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank. Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen, Suzhou, Chengdu and Xiong’an, a […]
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On The Wires

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Companies

American Express Receives Clearance to Begin Processing Local Transactions in Mainland China

“American Express announced today that its joint-venture in mainland China, Express (Hangzhou) Technology Services Company Limited (“Express Company”), has received approval from the People’s Bank of China (PBOC) for a network clearing license. With this, American Express becomes the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company […]
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Companies

WeChat Pay to Support American Express Credit Card

“China’s tech giant Tencent announced on Tuesday that its WeChat Pay will support American Express RMB credit cards, coming soon. China’s central bank on Saturday announced that it had approved an application by American Express’ Chinese venture to conduct bank card clearing operations in the country.”