![]() There are also other local operators like Octopus, whose stored value cards are most commonly used in transport and retail merchants. Tencent’s Tencent Credit and Alibaba’s Sesame Credit, part of its Ant Financial payments affiliate, were forced to abandon their own attempts at building credit-scoring schemes after the PBoC. The mobile payments are simply the most convenient way to pay in a vast country whose highest value note is 100 yuan ($15.79) and the credit card, not the debit card, is an almost unknown form of payment.īut in Hong Kong, where credit cards rule, there may be a revolution because Alipay and WePay decided to go big there. Some have even suggested users could pay beggars or prostitutes through this person-to-person payment system. Chinese technology giant Tencent is facing a potential record fine for violations of some central bank regulations by its WeChat Pay mobile network, as Beijing toughens its regulations for fintech. Mobile payments are still in the infancy stage in Hong Kong compared with China, where mobile payments can settle bills from almost everything from dining to rides. Chinese ecommerce behemoth Alibaba is now allowing consumers to use WeChat Pay, a mobile payment platform developed by its rival Tencent, on a number of its platforms. Now all eyes are watching how Alipay Hong Kong, which is 50-50 owned by Alibaba Group and CK Hutchison, on Thursday unveil a special campaign expected to popularize the mobile payment system in Hong Kong. The red packet war between WeChat and Alipay saw the two internet giants give away 1.2 billion yuan (US$190 million) for the favorite annual game during the Chinese New Year. China’s tech giants Tencent and Alibaba are refusing to co-operate with a government-backed credit scoring programme by withholding access.
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