Tinkoff turns its mobile banking app into a full-service digital marketplace

Tinkoff super-app boosts digital leadership in European fintech space — Tinkoff — “The super-app is both our own version of the App Store, with its own mini apps, and the first WeChat-like app in the Russian or any European financial market, featuring products and services from our partners… External partners can connect to the marketplace (via open API) using the ‘app-in-app’ model and offer targeted products and services within the Tinkoff app.”


What's New in Payments

WeChat Pay lets users charge in-store mobile payments to their credit card

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.”




What's New in Payments

Chinese mobile payments providers begin charging fees to users

Tencent’s WeChat widens service fee for users of ‘card repay’ feature in digital wallet — South China Morning Post — “In line with international practice, there are no free financial services. WeChat previously paid the credit card repayment fee for users, going forward the new fee chargeable to customers will support sustainable development [of the service],” said a Tencent spokesman in response to a request for comment.”


What's New in Payments

768m Chinese used WeChat to send a red packet money gift this New Year

WeChat red packet users record new high during lunar New Year holiday — Xinhua — “About 768 million people used the service during the holiday, rising 10% compared with last year’s holiday… Someone from the east Chinese city of Nanchang was the luckiest user, receiving 3,429 red packets, while one generous user from west China’s Chongqing Municipality gave 2,723 red packets.”


What's New in Payments

WeChat opens unmanned store in Shanghai

WeChat opens its first unmanned store in Shanghai — ECNS — “Shoppers need to scan a QR code with their WeChat app to enter the store. Sensors at the exit detect the shopper’s selections and automatically charge their WeChat wallet when they go through a ‘payment door’… WeChat payment industry operations director Bai Zhenjie said it takes less than 0.1 seconds for a customer to pay a bill. He added that facial and image recognition technology may be adopted in the store in the future.”


Chinese government teams up with WeChat to offer digital social security cards

China’s social security system turns to WeChat for electronic ID — South China Morning Post — “Government trials in 26 cities will have Tencent’s WeChat replace traditional state-issued social security cards with digital version tied to users’ accounts… The WeChat-based electronic social security cards will enable users to provide their identification, status, payment records and other relevant information to official online inquiries about benefits and insurance coverage.”


Guangzhou pilot lets consumers use WeChat to create an official digital ID

WeChat poised to become China’s official electronic ID system — South China Morning Post — “The WeChat ID programme was co-developed by the research institute of the Ministry of Public Security and Tencent’s WeChat team, and supported by various banks and several other government departments. The project is expected to help deter online identity theft, as facial recognition technology is used to verify applicants before their virtual ID cards get authorised. Those verified will be able to use their WeChat ID to register in hotels and apply for government services without the need of bringing their physical ID cards.”



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

In China, Amazon’s ‘store of the future’ is already open

In China, Amazon’s ‘store of the future’ is already open — Tech In Asia — “This is a typical Bingobox store… A shopper opens the door – and registers with the startup – through WeChat, the popular messaging app… The customer has to scan each item’s barcode. And then pay on their phone, either via WeChat or Alibaba’s mobile wallet app, Alipay. As you leave the store, a camera checks you’re taking out only the stuff you paid for.”


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.”