Payments News

On The Web

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Deals

China’s ByteDance buys UIPay to leverage e-payment capabilities at home

“ByteDance, the owner of popular short-video app TikTok, said it has acquired a Chinese third-party payment service UIPay in a bid to leverage its domestic payment capability…Established in 2012, UIPay obtained a third-party payment license from China’s central bank in 2014. There were reports of ByteDance acquiring UIPay in 2018, but ByteDance had downplayed the […]
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Global

China’s Ant Group plans consumer finance firm in growth push ahead of IPO

“Ant Group, Alibaba’s fintech arm and China’s dominant mobile payments company, plans to set up a consumer finance firm in the southwestern city of Chongqing, expanding its presence in the fast-growing domestic business, two sources told Reuters. The move underlines a broader push by Ant and other Chinese tech majors, including Tencent and Bytedance, to […]
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Global

Beijing clamps down on QR code mobile payments at gas stations despite a negligible chance of an explosion

“An experiment carried out by experts revealed that when scanning QR codes, a smartphone emits stronger electromagnetic radiation than during phone calls, according to a social media post from China’s Fire and Rescue Department. The experts concluded that QR code scanning is potentially dangerous at gas stations. While static electricity can ignite petrol vapours, there is […]
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Global

China to Expand Testing of a Digital Currency

“China’s Commerce Ministry said it would expand a pilot program for its digital currency to include a number of large cities, advancing a pioneering initiative by a major central bank to launch an electronic payment system. The digital currency pilot program will cover much of China’s most prosperous regions, the Commerce Ministry said Friday: the […]
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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

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.”
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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 […]