12/16/2023 0 Comments Bans wechat pay alipay six more![]() has acquired third-party payment service UIPay to grow the payment capacity of its Chinese short video platform Douyin. TikTok owner Beijing Byte Dance Telecommunications Co. Pinduoduo Inc., which accepts payments from both WeChat Pay and Alipay, is planning its own payment system. JD.com, which so far has relied on a partnership with Tencent for its payment needs, has teamed up with People’s Bank of China through its fintech arm JD Digits to develop blockchain platforms and a wallet to support the digital currency. That might give some edge to the banks or some other wallets that may claim greater operability,” said Richard Turrin, a former IBM executive and author of the upcoming book Cashless-China’s Digital Currency Revolution. “Some of these walled gardens will remain, at least initially. ![]() The digital yuan is likely to open up opportunities for retailers and banks to offer wallets that claim greater flexibility, analysts said. The industry is divided on the degree of openness that the digital currency will bring to the online payment systems.īeing essentially digital cash, DCEP should be able to flow across retail and internet ecosystems seamlessly, but some believe that complete openness at the level of digital wallets is less likely during the initial rollout.Ĭustomers could be tempted to move to an alternative wallet that is accepted by all e-commerce platforms to circumvent the restrictive policies of Alipay and WeChat Pay, which control most of the digital transactions in China. The move is designed to improve interoperability among various payment platforms and could potentially allow a consumer to use the currency from an Alipay wallet to pay for items on rival platforms like JD.com or WeChat, analysts said. However, the official launch date is unknown. Six years in the making, the digital yuan, also known as Digital Currency Electronic Payment, or DCEP, is set to be issued by China’s central bank to replace cash in circulation. Ltd., while WeChat Pay and Union Pay are not accepted on Alibaba and its related platforms. does not allow payments from Alipay, owned by Alibaba-backed Ant Group Co. Major Chinese e-commerce players now operate in a closed environment, allowing their preferred digital payment providers and often blocking rival services. We have strengthened our measures to effectively prevent future cases where some users had wrongfully collected payments outside of China using domestic QR codes," it said.Digital yuan poses threat to Alipay-WeChat online payments duopolyĬhina’s plan for a centralized digital currency could open up the country’s “walled-garden” online retail payments ecosystem, but analysts believe it may not immediately change the way shoppers transact with Alibaba Group Holding Ltd.-affiliated Alipay and Tencent Holdings Ltd.’s WeChat Pay, which powers payments on the WeChat super-app. "We request that all users abide by the Alipay Collection QR Code Agreement when using our QR code payment services. "Alipay strictly complies with local rules and regulations in all markets where we operate, including overseas," Ant Financial said. "Overseas vendors should work with WeChat Pay's partners to enable WeChat Pay's collection services."Īlibaba's affiliate Ant Financial said Alipay's cross-border payment operations in Nepal were operating normally. "As for illegal payment collection overseas, we are constantly using technical means to crackdown and prevent this behaviour," it said. Tencent said WeChat Pay's overseas division "strictly complies" with all regulations in the countries it operated in. They are widely used by Chinese tourists for making payments to Chinese-run hotels, restaurants and other businesses in Nepal as the payment giants seek to expand overseas. ![]() WeChat Pay, operating on Tencent's messaging service, and e-commerce giant Alibaba's Alipay, are the two dominant platforms in mainland China. Under Nepali laws, anyone found guilty of embezzling foreign exchange can be sentenced to up to three years in jail. "Anyone using such platforms can be punished," he said. "Any digital transaction made with unregistered foreign payment system like WeChat Pay and AliPay is illegal," Niroula told Reuters.
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