ALU

Payment

You Should Change the Reason People Pay You

Quick — what’s the reason people pay you? Don’t ponder. Just freeze the first thing that comes into your mind.

It’s probably something like this, especially if you’re a salaried programmer.

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Briefing: Sequoia China leads investement into cross-border payment solution provider for RMB 1 billion

Lianlian Number, the parent company of cross-border payment solution provider Lianlian Pay, received a new round financing of RMB 1 billion. Original Link

PayPal trying to get business license in China

Payment services overseas are vying to become the first to obtain payment business license from the central bank. Original Link

WeChat Pay’s “No-Queueing Month” hits traditional bricks-and-mortar retailers

WeChat Pay’s “No-Queueing Month” hits traditional bricks-and-mortar retailers · TechNode

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Beijing metro to accept mobile payments via QR codes on April 29

Beijing metro to accept mobile payments via QR codes on April 29 · TechNode

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Explainer: Why Taiwan is slow to adopt mobile payments



Explainer: Why Taiwan is slow to adopt mobile payments · TechNode























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Walmart ditches Alipay in favor of WeChat in western China



Walmart ditches Alipay in favor of WeChat in western China · TechNode

























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China’s tech giants announce plans for hongbao battle ahead of Spring Festival



China’s tech giants announce plans for hongbao battle ahead of Spring Festival · TechNode























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Swiss Davos to launch Alipay for Chinese visitors



Swiss Davos to launch Alipay for Chinese visitors · TechNode

























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WeChat Pay now allows users to bind overseas credit cards



WeChat Pay now allows users to bind overseas credit cards · TechNode
























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Alipay mini program for anonymously contacting the owner of a parked car accelerates out of the lot



Alipay mini program for anonymously contacting the owner of a parked car accelerates out of the lot · TechNode
























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Shanghai Metro enables mobile payments as Alipay and WeChat Pay go into battle over public transportation



Shanghai Metro enables mobile payments as Alipay and WeChat Pay go into battle over public transportation · TechNode























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Toutiao moves into payments with purchase of payment agency Ulpay

Toutiao has quietly acquired its own online payment license meaning that China’s most popular news aggregation app may go after a chunk of the mobile payment market shared by WeChat Pay and Alipay. The company has bought a 100% stake in Ulpay (合众支付), an online payment agency based in China’s Hubei province, according to 36Kr (in Chinese).

Jinri Toutiao has yet to confirm the news. According to media reports, the company has stated that the deal is confidential.

Toutiao already laid out its own insurance and loan businesses with the company forming an insurance business team in early 2017. Insiders say that the company is planning to acquire an insurance brokerage license. In July last year, Toutiao applied for a small loans license in Yinchuan, Ningxia province.

Similar to insurance licenses, online payment licenses are getting harder to get by in China which is why Toutiao is buying a company that already has one. Chinese ride-hailing firm Didi did the same at the end of December 2017 by acquiring third-party payment services provider 19Pay for RMB 300 million. Chinese O2O giant Meituan Dianping got its license back in September 2016 by acquiring Qiandaibao Payment.

Toutiao has already set its foot into AI. Acquiring a payment license is a solid foundation for developing its own fintech business.

Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com.

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Alipay and WeChat Pay could be affected by PBOC’s QR code standards

China’s central bank, the People’s Bank of China, has announced plans to regulate the country’s QR code payment system to tackle risks and its limited competition.

The bank issued a trial notice on the issuance of barcode payment services and two accompanying sets of provisional guidelines for code security and payment terminal specifications. All three will come into effect on April 1, 2018. The announcements cover barcodes and QR codes including fixed codes and those generated for a specific transaction.

Safety issues have emerged over barcode payments, particularly over fixed codes typically seen at restaurant counters. These are sometimes swapped by criminals who intercept payments. Setups that create a new code for each transaction are more secure.

The regulations stipulate that payment institutions need a license to offer barcode payment services must be connected to the clearing house of the People’s Bank of China or other legally-permitted clearing houses. Such connections have been proving slow.

Users are not expected to notice any difference, but binding third party payment providers to the clearing system is likely to benefit UnionPay, the official banking payments network. Alibaba affiliate Ant Financial’s Alipay and Tencent’s WeChat Pay virtually have a duopoly on QR-based payments in China and have come under fire for subsidizing the system to win merchants and users, and for encouraging shoppers to spend more with loans. The regulations aim to put an end to subsidies which these companies have used to increase their market share.

Regulations have previously been in place for QR code payments but widely flouted by payment system providers and merchants. UnionPay joined the QR party late, but has recently begun using QR codes as a payment format in Southeast Asia with a partnership with AsiaMalls Management and Bank of China Singapore. It hopes to increase use of its own Mobile QuickPass app, going up against WeChat’s international expansion.

Frank Hersey

Frank Hersey is a Beijing-based tech reporter who’s been coming to China since 2001. He tries to go beyond the headlines to explain the context and impact of developments in China’s tech sector. Get in touch with him on frankhersey@technode.com

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