People’s Bank of China (PBoC) previously issued a notice, stipulating that personal payment reception QR codes cannot not be used for business, but can still be used normally for non-business scenarios.
11 institutions' apps including Unionpay QuickPass, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have all been promoting cooperation with Tencent's WeChat Pay.
Chinese food delivery and rating platform Meituan Dianping has recently removed Alibaba’s online payment platform Alipay in its app, Tech Planet reported Wednesday.
Chinese multi-purpose messaging app WeChat introduced a new payment device on August 27 named the “Frog Pro” at the Chongqing Smart China Expo in an effort to upgrade its offline payments.
PayPal has been negotiating incessantly with Chinese regulators for the past four years to obtain a payment license to enter the large market, as The Paper reported on August 10.
China has rapidly developed into the world’s long-standing leader in mobile payments. Foreigners visiting China are always surprised by the prevalence of convenient mobile payments. In recent years, Alibaba and Tencent has accelerated their overseas development, especially in Southeast Asia.