What's New in Payments

Chinese mobile payment volumes top US$3tn in Q2 2017

China’s third-party mobile payment market continues rapid expansion — Xinhua — “In the second quarter of 2017, third-party mobile payment transactions amounted to 23tn yuan (about US$3.46tn), up 22.5% from the previous quarter… Alipay, Alibaba’s mobile payment service, led the market with a 53.7% share, followed by Tencent Finance, with a 39.1% share.”



What's New in Payments

China targets mobile payments oligopoly with clearing mandate

China targets mobile payments oligopoly with clearing mandate — Financial Times — “China’s central bank has ordered online payment groups to operate through a centralised clearing house, a move likely to undercut the dominance of Ant Financial and Tencent by forcing them to share valuable transaction data with competitors… The latest PBoC instructions require all payment companies to connect to the clearing house by October 15 and to channel all payments through it by June 30.”


What's New in Payments

Big banks on notice that they’re losing ground to China’s fintech giants

Big banks on notice that they’re losing ground to China’s fintech giants — South China Morning Post — “Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour. Visa has a maximum capacity of processing 25,000 payments per second. But Alipay can process 50,000 payments, twice as much, per second.”


What's New in Payments

WeChat Pay launches overseas open platform

WeChat Pay launches overseas open platform — Marbridge Daily — “Overseas merchants and service providers will be able to submit application materials online, receive a confirmation email, and sign a service contract online to begin using WeChat Pay. Applicants can also use the open platform to look up authorised overseas institutions and service providers that have partnered with WeChat Pay.”


What's New in Payments

Edinburgh Tattoo to accept WeChat Pay

Pic credit: The Royal Edinburgh Military Tattoo

Traditional annual Scottish tourism highlight The Royal Edinburgh Military Tattoo is to get a very modern twist from 2018 with the addition of support for Chinese internet giant Tencent’s WeChat Pay mobile payments platform, enabling the growing number of visitors from China who attend the event to purchase tickets, merchandise and other services from their smartphones. More


What's New in Payments

Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat

Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat — CNBC — “India’s home-grown instant messaging service Hike on Tuesday announced wide-ranging updates to its app, including a new mobile wallet that lets users send and receive money instantly… The Hike Wallet has several features, including a linkage to the government-backed unified payments interface.”


What's New in Payments

Chinese mobile payment apps launch in Vancouver, Toronto

Chinese mobile payment apps launch in Vancouver, Toronto — The Globe and Mail — “OTT Financial Inc is working with Chinese Internet giants Tencent and Alibaba to introduce their mobile-payment infrastructure in Canada. The two apps, WeChat Pay and Alipay, are linked with users’ credit cards and allows them to make payments in renminbi, which is then converted to Canadian dollars before it’s transferred to merchants.”



What's New in Payments

WeChat Pay and offline mobile payments see “incredibly high” uptake in China

Tencent China survey

Nine in ten Chinese mobile internet users (92%) choose mobile payment apps such as WeChat Pay as their primary offline payment method today, research released by Tencent Online Media Group’s newly launched research project China Tech Insights reveals, while “smartphone built-in payment tools” such as Apple Pay are currently used by approximately 12%. More



What's New in Payments

Starbucks to add gift cards to iMessage as Mobile Order & Pay grows

Users can send each other Starbucks gift cards in Apple's messaging app

Starbucks customers across the US will soon be able to purchase gift cards using Apple Pay and send them to friends and family within Apple’s iMessage platform. The move comes as the coffee giant reveals it now has approximately nine million mobile paying customers with one in three using Mobile Order & Pay, which accounted for 8% of all transactions made across US stores last month. More









Feed for stories featuring Tencent.

• Find a list of all the companies and other organisations that have been featured in NFCW in our directory.