Payments News

On The Web

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Domains

Chinese shoppers are willing to spend more money, says CEO of Alibaba’s InTime department store chain

“In the aftermath of the coronavirus pandemic, China’s consumers are spending less time on the shopping process — but they’re spending more money than before, according to a CEO of an Alibaba -owned company. Chinese shoppers are particularly willing to pay a lot of money on luxury goods and cosmetics, Chen Xiaodong, CEO of InTime, […]
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Global

Don’t Even Try Paying Cash in China

“It’s hard for those of us who live outside of China to grasp how paying for everything has gone digital in the country. Most businesses there, from the fanciest hotels to roadside fruit stands, display a QR code — a type of bar code — that people scan with a smartphone camera to pay with […]
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Global

U.S. Explores Curbs on Ant Group, Tencent Payment Systems

“The Trump administration is exploring restrictions on billionaire Jack Ma’s Ant Group as well as Tencent Holdings Ltd. over concerns that their digital payment platforms threaten U.S. national security, according to people familiar with the matter, a move that risks infuriating China and disrupting what could be the world’s largest initial public offering.”
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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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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.”