Payments News

On The Web

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Global

China to Accept Digital Yuan on Public Transport in 12 Cities

“The tech-savvy people of China will now be able to enjoy a more convenient life in Guangzhou, where public transport tickets can be purchased via China’s digital yuan app. China is the country that first issued a digital version its national currency. It will now be offered in 23 cities. Because it is digital currency […]
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Global

Twilight of China’s Super App Era As WeChat Pay Cooperates With State-backed Banks – Verdict

“One of China’s biggest mobile payment platforms, WeChat Pay, is apparently cooperating with several national financial institutions to further promote openness and interoperability among the digital payment industry. The news comes as regulators have urged private financial service providers in China to open up their platforms or face penalties. According to Chinese media , WeChat […]
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Global

China Strengthens Supervision and Interconnection of Payment Environment

“The People’s Bank of China (PBoC) has punished 1,436 banks and payment institutions and issued fines totaling 1.13 billion yuan ($176 million) since 2016, said Fan Yifei, the Deputy Governor of PBoC at the 10th China Payment and Clearing Forum held at the end of September. In addition, the PBoC has guided 22 payment institutions […]
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Global

Huawei Cranks up Mobile Payments Effort to Diversify Its Operations

“Chinese telecommunications giant Huawei Technologies Co , beset by US trade sanctions that have weakened its core smartphone business , has started to ramp up operations of its mobile payments service after acquiring a nationwide licence. This development enhances Huawei’s position, according to analysts, to become one of the major third-party digital payments providers in […]
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Global

Big Tech’s ‘walled Gardens’ Start to Crack As Tencent Vows to Obey Beijing

“Chinese internet giant Tencent Holdings said it will follow a regulatory order to unblock online links after China’s industry ministry ordered internet companies to open up their platforms to each other, signalling the demise of Big Tech’s “walled gardens”. The Ministry of Industry and Information Technology (MIIT) has been giving guidance to internet companies as […]
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Companies

AmEx Deepens Its Ties in China Via an Acquiring Agreement With Leshua Technology

“U.S. payments networks continue to cultivate their connections to what is for them a potentially massive market in China. In the latest development, Leshua Technology announced early Friday it will support acquiring for American Express Co.’s joint venture in China. AmEx last year became the first foreign payments company to win approval to clear domestic transactions […]
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Global

China Says Measures Applied to Ant Group to Be Imposed on Other Payment Firms

“China’s central bank said on Thursday that anti-monopoly measures applied to e-commerce giant Alibaba’s (9988.HK) financial technology affiliate Ant Group will also be imposed on other payment service companies. China suspended the planned $37 billion listing of Ant Group in November amid growing concerns over banks using third-party technology platforms like Ant for underwriting loans […]

On The Wires

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Global

Paysend | Paysend Enters Partnership With Tencent Financial Technology for Money Transfers Through Weixin

“Paysend , the card-to-card pioneer and international payments platform, today announces a technology partnership with Tencent Financial Technology, the fintech arm of world-leading internet and technology company Tencent, that will enable people receive money through Weixin, the PRC version of WeChat targeting users in mainland China. Under the partnership, Paysend will enable users to send […]