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Chinese regulator mandates mobile payments clearing house
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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Tencent’s WeChat rides mobile payments wave
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, [...]
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