![]() Alipay’s new feature is not ‘a reciprocal payments connection’, but instead a case of Alipay hoping to use product innovations to achieve an expansion in the scope of its influence and improve user experienceĪliPay and Wechat tested credit advances with banks The ‘Non-financial Institution for Payments Service Administrative Measures’ stipulates that any transfers of monetary funds between payments institutions must be handled by banking sector financial institutions, and cannot be effect by means of reciprocal deposits between payments entities or by entrusting other payments entitiesĪccording to current regulatory requirements, payments entities cannot make direct transfers between accounts without passing through banks or settlements organisations, as per sources cited by Securities Daily. ![]() The move comes following the launch of anti-trust measures by the Chinese central government targeting the country’s internet giants, as well as practices such as exclusive agreements with vendors and the use of big data to engage in discriminatory pricing.ĭigital payments organisations in China are still not permitted to make direct transfers between each others’ accounts however. ![]() Regulatory changes in the Chinese payments landscape After that, the app generates a QR code that can be shared with counterparties via WeChat, QQ, Sina Weibo, or DingDing. To perform a transfer, Alipay users first need to select the payment amount they would like to transfer. ![]() Alipay said that the ‘WeChat Friend Transfer’ function is a new feature launched in response to the needs of users. AntGroup’s Alipay recently added a feature that permits its users to transfer sums to WeChat users, bridging the two Chinese digital payments providers. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |