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WeChat Pay users in China can now opt to authenticate payments with their palm at merchants that support the payment service’s new biometric WeChat Palm Payment solution... More
The total transaction values for payments made using QR codes worldwide will reach more than US$3tn by 2025, an increase of 25% from US$2.4tn in 2022, driven by an increasing focus on financial inclusion in developing markets and alternative payment methods in developed regions, according to a forecast by Juniper Research... More
Nearly 21m (20.87m) personal and 3.51m corporate digital yuan wallets have so far been issued during China’s ongoing trials of its central bank digital currency (CBDC), the People’s Bank of China (PBOC) has revealed... More
Octopus users in Hong Kong will soon be able to pay for public transport fares in more than 300 cities in mainland China with a new physical transit card to be launched “by the end of this year or early next year”, according to a South China Morning Post (SCMP) report... More
The governments of Hong Kong and Macau are to stimulate consumer spending by distributing digital payment vouchers that residents can store in their mobile wallets or on a prepaid smartcard and then use to make purchases from retailers and other local businesses... More
Customers of all six state-owned Chinese banks can now apply for test versions of the banks’ digital yuan wallets as the country rolls out the next phase of its central bank digital currency (CBDC) pilot programme in the city of Changsha... More
Owners of Huawei’s Mate 40 in China will be able to make transactions in digital yuan from a central bank digital currency (CBDC) hardware wallet built into the soon-to-be-released smartphone... More
The People’s Bank of China (PBOC) has “found counterfeit digital yuan wallets on the market,” the head of the bank’s digital currency research institute Mu Changchun has revealed... More
While Alipay and WeChat Pay have by far the largest number of mobile payments users in China overall, younger and more affluent consumers are more likely to use less well known services such as Du Xiaoman Pay and QQ Wallet, an in-depth market analysis by S&P Global has found... More
WeChat Pay now lets you Quick Pay with your credit card — SoyaCincau — “If you don’t have sufficient eWallet balance, you can now pay directly via your assigned credit card… To make a payment at a store, tap on ‘Me’ in the WeChat app and select WeChat Pay > Quick Pay. On the QR code screen, just tap on ‘Balance’ to change your payment mode from your eWallet balance to your credit card… When the merchant scans your code, the transaction amount will be charged to your credit card and it won’t deduct your eWallet balance.”
Japan to unify mobile payment codes, enlisting Chinese giants — Nikkei Asian Review — “Line and Alibaba Group Holding are among five major internet businesses from Japan and China that will standardize QR codes that are scanned to make payments via smartphones in Japan, Nikkei has learned. The others joining this undertaking are online flea market operator Mercari and mobile carrier NTT Docomo from Japan and Tencent Holdings’ WeChat Pay from China.”
WeChat Pay supports merchants expanding businesses by bringing its ecosystem to the world — WeChat Pay — “In 2018, the monthly average transaction volume saw an increase of 500% year on year, while the total transaction value increased 400%. Meanwhile, the number of service providers witnessed a year-on-year increase [of] 300%, and the number of merchants accepting WeChat Pay increased 700%. WeChat Pay is now available in 49 markets outside of the Chinese mainland, supporting cross-border payment transactions in 16 currencies.”
Stripe strikes global partnerships with China’s Alipay, WeChat Pay — Reuters — “‘If you are an internet business this unlocks a new vast customer base,’ John Collison, Stripe’s president and co-founder, said in an interview. In turn, Chinese consumers will have expanded choice as to which international online merchants they can purchase products and services from, he added.”
