Magical Trade
Sunday, October 1, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Tencent exec says WeChat Pay will soon be available ‘in all places’

by
December 2, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Is TradingView The Best Automated Trading Software? The Ultimate Analysis Guide

Is StreetBeat The Best Automated Trading Software? Insights from Everyday Traders

A QR code for digital payment services WeChat by Tencent and Alipay by Ant Group, an affiliate of Alibaba Group, is displayed at a parking lot on December 27, 2020, in Yichang, Hubei province of China.

Wang Jianfeng | Visual China Group | Getty Images

GUANGZHOU, China — Barriers between China’s tech rivals like Alibaba and Tencent are coming down as Chinese companies rush to comply with Beijing’s crackdown on alleged monopolistic practices.

Mobile pay took off in the last decade to become the dominant form of consumer payment in mainland China, surpassing cash and credit cards. Tencent’s WeChat Pay and Alipay — run by Alibaba affiliate Ant Group — are the most popular, covering the majority of the mainland population of 1.4 billion people.

But fierce rivalry between the companies meant that for years, consumers buying products on Alibaba’s Taobao e-commerce app could only pay with Alipay. That’s about to change.

“As for payment, we also hope in the near future, in all places, users can freely choose. It’s also a show of fairness,” Lei Maofeng, vice-general manager of WeChat Pay, said Wednesday at CNBC’s annual East Tech West conference in the Nansha district of Guangzhou, China. That’s according to a CNBC translation of his Mandarin-language remarks.

He did not share a specific timeframe, and did not respond directly to a question on whether WeChat Pay was in discussions with Alibaba.

However, Lei pointed out that WeChat announced Monday that users can now share links from external sites, including Taobao.

Previously, users of WeChat — the ubiquitous social messaging app in mainland China — could not directly share a link to a product on Alibaba-run Taobao. Instead, users could only copy and paste a jumble of keyboard symbols from a Taobao product page into WeChat. Copying and pasting the same combination of symbols into Taobao would bring the user to the product page.

A test by CNBC on Thursday found that the share function on Taobao now allowed users to send a product page link to WeChat — along with some promotional text.

WeChat is looking for other ways to keep users engaged with its app beyond mobile pay and messaging. These functions include automatically deducting a shipping charge once a courier has retrieved a package for shipment, eliminating the need for the user to pay manually, Lei told CNBC.

Several Alibaba apps, including food delivery app Ele.me and video platform Youku, have already started allowing WeChat Pay. Alipay was still the only payment option on Taobao and Tmall as of Thursday morning local time.

JD.com’s e-commerce app supported WeChat Pay, a domestic version of Apple Pay, and a number of Chinese credit cards as of Thursday morning. Tencent has a nearly 17% stake in JD, according to S&P Capital IQ.

Small business owners in China have complained in the past that an e-commerce site or food delivery app from one company would not allow them to operate simultaneously on another platform. Even if they managed to do so, the businesses might face higher fees.

Since late last year, the Chinese government has sought to limit alleged monopolistic practices by internet technology companies, notably by slapping a record $2.8 billion fine on Alibaba for such behavior.

ShareTweetPin

Related Posts

Is TradingView The Best Automated Trading Software? The Ultimate Analysis Guide

by
October 1, 2023
0

Is StreetBeat The Best Automated Trading Software? Insights from Everyday Traders

by
October 1, 2023
0

Is SoFi Invest The Best Automated Trading Software? Unraveling the Truth

by
September 30, 2023
0

Is 1000pip Climber System The Best Forex Signals Provider? A Comprehensive Review

by
September 30, 2023
0

Is TrendSpider The Best Automated Trading Software? The Definitive Guide

by
September 30, 2023
0

Next Post

Alibaba Shares Are Cheapest Ever as Crackdown Wipes $526 Billion

Digital World Acquisition Corp. shares jump 24% after report of $1 billion fundraising target

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Interactive Brokers’ Thomas Peterffy sees the stock market dropping another 15% from here

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net