Tencent executives say WeChat Pay will soon be available “everywhere”

Date:

On December 27, 2020, a QR code for a digital payment service by Alibaba Group’s affiliate Tencent’s WeChat and Ant Group’s Alipay will be displayed in the parking lot in Yichang, Hubei Province, China.

Wang Jianfeng | Visual China Group | Getty Images

Barriers between Guangzhou, China and China’s high-tech rivals Alibaba When Tencent It’s down as Chinese companies are rushing to comply with Beijing’s crackdown on monopolistic competition practices.

Mobile payments have become widespread over the last decade and have become the leading form of consumer payments in mainland China beyond cash and credit cards. Tencent’s WeChat Pay and Alipay (operated by Alibaba’s affiliate Ant Group) are the most popular and cover most of the mainland’s population of 1.4 billion.

However, fierce competition between businesses meant that for years, consumers who bought products on Alibaba’s Taobaoe commerce app could only pay on Alipay. It will change soon.

“We hope that users will be free to choose payments everywhere in the near future,” Ray Maofen, vice president of WeChat Pay, said at CNBC’s annual meeting. But it is also. ” East Tech West Meeting in Nansha district, Guangzhou, China. It is due to the CNBC translation of his Mandarin remarks.

He didn’t share a specific time frame and didn’t directly answer questions about whether WeChat Pay was discussing with Alibaba.

But Ray pointed out that WeChat announces On Monday, users were able to share links from external sites, including Taobao.

Previously, users of WeChat, a ubiquitous social messaging app in mainland China, could not directly share links to Taobao’s products operated by Alibaba. Instead, users could only copy and paste a jumble of keyboard symbols from the Taobao product page into WeChat. If you copy and paste the same symbol combination into Taobao, the user will be taken to the product page.

According to CNBC’s testing on Thursday, Taobao’s sharing feature has allowed users to send product page links to WeChat with some promotional text.

WeChat is looking for other ways to keep users using the app beyond mobile payments and messaging. These features include the automatic deduction of shipping charges after the courier collects the package for shipping, eliminating the need for users to pay manually, Ray told CNBC.

WeChat Pay Appears in Some Alibaba Apps

Several Alibaba apps already, including food delivery app Ele.me and video platform Youku WeChat Pay permission started.. As of Thursday morning local time, Alipay was still Taobao and Tmall’s only payment option.

JD.com As of Thursday morning, the e-commerce app supported WeChat Pay, the domestic version of Apple Pay, and many Chinese credit cards. According to S & P Capital IQ, Tencent holds a nearly 17% stake in JD.

Owners of small and medium-sized businesses in China have in the past complained that one company’s e-commerce site or food delivery app cannot be operated simultaneously on another platform.Even if they could, the companies Face higher charges.

Since the end of last year, the Chinese government has sought to limit allegations of monopoly practices by Internet technology companies. Record a $ 2.8 billion fine in Alibaba for such actions.

Tencent executives say WeChat Pay will soon be available “everywhere”

Source link Tencent executives say WeChat Pay will soon be available “everywhere”

The post Tencent executives say WeChat Pay will soon be available “everywhere” appeared first on Eminetra.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Peter Brandt Not Worried About Missing Potential Shiba Inu (SHIB) Breakout

Chartist Peter Brandt claims that traders shouldn’t chase potential...

Here’s the full scope of Avalanche’s updates on AVAX’s price action

Avalanche recently came into the limelight after several interesting...

Here’s Where Half of Shiba Eternity Profits Will Go

The Shiba Inu team has big plans for...

Upgrade or not, THETA’s fortunes have investors still waiting – Here’s why

Theta Network recently took a step forward towards the...