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American Express, Amex, Ant Financial, China UnionPay, Chinese payments market, Contracts, Daily News, Issuing & Acquiring, MasterCard, payments network, Regulation, Tencent, Visa -

American Express has won regulatory approval to become the first US credit card company to enter the Chinese payments market and start building its own payments network. The company said... more

The post American Express gets regulatory approval to enter Chinese payments market appeared first on Payments Cards & Mobile.

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AliPay, China mobile payments, clearing house, Daily News, Mobile Banking, Mobile Payments, mobile payments clearing house, Mobile Remittance, Mobile Wallet, P2P, Regulation, Tencent, WeChat, WeChat Pay -

China’s central bank and regulator has mandated online and mobile payment groups to operate through a centralised clearing house, a move likely to undercut the dominance of Ant Financial and Tencent by forcing them to share valuable transaction data with competitors. China is the world leader in mobile payments, with transaction volumes rising nearly five-fold [...]

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Alibaba, AliPay, Daily News, E-Commerce, mobile payment, mobile payment market, Mobile Payments, Mobile Remittance, Mobile Wallet, P2P, Taobao e-commerce platform, Tencent -

China’s mobile payment market is more than 50 times bigger than that its US counterpart sitting at $5.5tn and is now being shaken up by its underdog Tencent, which is snatching market share from rival Alibaba. Alipay, which Alibaba launched in 2004 as a PayPal-type service to facilitate payments on its Taobao e-commerce platform, has long dominated [...]

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Daily News, Mobile Payments, mobile payments systems, Mobile Wallet, Tencent, WeChat -

Tencent is not only China’s largest social network and online entertainment firm, it is now big in mobile payments. The company has quietly built one of the world’s largest mobile payments systems, with transactions which could total more than $500 billion this year, according to Reuters calculations. While most of Tencent’s money still comes from online gaming, [...]

The post Tencent’s WeChat rides mobile payments wave appeared first on Payments Cards & Mobile.

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