Payments News

On The Web

nbsp;

Domains

Chinese Consumers Now Make Three Mobile Payments Every Day

“Chinese consumers made an average of three mobile payments a day during 2020, while 98% of the Chinese population consider mobile payments to be their most frequently used transaction method, an increase of five percentage points on last year, a new survey reveals. The number of consumers making mobile payments using a QR code also […]
nbsp;

Global

China Issues New Anti-monopoly Rules Targeting Its Tech Giants

“China’s market regulator released new anti-monopoly guidelines on Sunday that target internet platforms, tightening existing restrictions faced by the country’s tech giants. The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on.”
nbsp;

Global

China Plans Tougher Antitrust Rules for Non-bank Payments Industry

“China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay. Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up […]
nbsp; nbsp; nbsp; nbsp;

Global

WSJ News Exclusive | Jack Ma Makes Ant Offer to Placate Chinese Regulators

“The offer, not previously reported, appeared a mea culpa of sorts from Mr. Ma as he found himself face to face with officials from China’s central bank and agencies overseeing securities, banking and insurance. The Nov. 2 meeting took place a few days before Ant was supposed to go public, in what would have been […]
nbsp;

Global

China central bank urges wider acceptance of cash as payments go digital

“China’s central bank has called for wider acceptance of cash in economic activities and vowed to punish those who refuse to accept cash payments in the wake of a widening gap in access to digital services. China’s online payments via barcodes and third-party payment apps such as Ant Group’s Alipay and Tencent Holdings’ Tenpay have […]
nbsp;

Global

China Hails Victory in Crackdown on Peer-to-Peer Lending

“China has declared victory in its campaign against online peer-to-peer lenders, a risky financing sector that has been zeroed out, a top banking regulator said this week. Peer lenders gather funds from small investors and loan them out to small businesses and individuals. At first loosely regulated, they were seen as a financial innovation serving […]
nbsp;

Global

China regulator puts country’s fintech giants on notice hinting at more rules

“China’s top banking regulator on Tuesday questioned the power of the country’s large financial technology companies and hinted at “timely and targeted measures to prevent new systemic risks.” The move appears to be a nod toward more regulations in China’s burgeoning fintech sector.   Over the past few months, Chinese regulators have been growing increasingly […]