Payments News » China

Beijing’s blockade of U.S. credit card companies may finally end — now that Chinese companies dominate

January 22 2019

in
China

“Over the years that China has stymied Western companies, domestic rivals such as China UnionPay, Alipay and WeChat Pay have gobbled up the market for electronic payments and established strong ties with consumers.State-controlled UnionPay now operates the largest card network in the world, with 7 billion credit, debit and prepaid cards in circulation, versus 5.6 billion for Visa […]

Global

In the land where mobile payments are king, China says rejecting physical cash is illegal

December 10 2018

in
China

“China’s central bank on Monday warned that rejecting cash as a form of payment was illegal, saying that such practices could eventually cause the loss of confidence in physical money and was unfair to those not accustomed to electronic payments.”

Global

China To 600 Retailers: We Are Not A Mobile Payments-Only Society

December 10 2018

in
Cash
China

“It’s kind of odd how often this has happened, but it seems that any time a government has pushed for a cashless society, it’s drawn back at the brink. The Indian government demonetized most—but not all—of its currency. Sweden’s push to go cashless prompted regrets of its own. And now China, where mobile payment were […]

Companies

China Gives American Express First Shot At Its Huge Payments Market

November 9 2018

“The company said Friday that the Chinese central bank has given it preliminary approval to handle payments in yuan. AmEx (AXP) can now start setting up the payments network through a joint venture with LianLian Group, its Chinese partner. In every other market around the world, AmEx processes transactions through its own network, whose hub […]

Global

U.S. set to lose its position as world’s biggest retail market |Chain Store Age

January 25 2019

in
China

“China’s economy may be slowing, but it is on track to overtake the United States and become the world’s top retail market this year. The latest forecast by eMarketer predicts that retail sales in China will increase 7.5% to $5.636 trillion in 2019. That’s approximately $100 billion more than the United States, where retail sales are […]

Global

2018 TRENDS FOR MOBILE PAYMENT IN CHINESE OUTBOUND TOURISM

January 30 2019

in
China

“Based on a survey of 2,800-plus outbound Chinese tourists[1], this whitepaper represents the latest trends and consumption habits of these travelers in overseas markets. It covers a variety of perspectives including the number of foreign countries visited, tourists’ consumption amounts and habits in overseas destinations, and their evolving demands. This survey also provides an alternative […]

Global

China Wants Its Rural Villages to Go Cashless by 2020

February 22 2019

in
Cash
China

“Residents of even the tiniest far-flung villages in China may soon be able to pay on their phones to run daily errands as Beijing announced this month that it aims to make mobile payments ubiquitous in rural areas by the end of 2020. The plan arrived in a set of guidelines (document link in Chinese) jointly published by […]

Global

Users of China UnionPay’s Mobile Payment App Hit 150 Million

April 4 2019

“User can make payments, buy wealth management products and make debit card balance inquires on the app Cloud Quick Pass, the Shanghai-based company said. The platform supports online applications for more than 80 types of credit cards from 21 banks, and cardholders of over 230 lenders can make mobile payments by scanning the association’s quick […]

Global

You Will Soon Be Able to Pay Your Subway Fare With Your Face in China

March 18 2019

“In Shenzhen, the local subway operator is testing various advanced technologies backed by the ultra-fast 5G network, including facial-recognition ticketing. At the Futian station, instead of presenting a ticket or scanning a QR bar code on their smartphones, commuters can scan their faces on a tablet-sized screen mounted on the entrance gate and have the […]

Global

RiverPay Integrates UnionPay QR Code Payment to Offer Full Portfolio of Chinese Leading Mobile Payment Options

January 31 2019

“RiverPay Inc., an integrated payments and marketing platform to connect Chinese consumers with overseas merchants and the authorized payment service provider of AliPay and WeChat Pay, today announced the strategic partnership with UnionPay International in North America, which enables RiverPay to add UnionPay QR code payment to its existing payment portfolio. From the partnership, RiverPay is […]