Tencent wechat pay 800m license#
Tencent wechat pay 800m download#

Wang’s belief in the life-technology interface go beyond commercial concerns. being iCarbonX’s major investor, the company is also developing a product that will be available to over 800 million active users of Tencent’s immensely popular Wechat app, Wang said. exciting step towards bringing the convenience of WeChat Pay to users in Singapore.

The bigger picture:While not definite, an order to bring WeChat Pay under Tencent’s financial holding company would extend the government’s crackdown on Tencent and other Chinese tech powerhouses. With Chinese technology giant Tencent Holdongs Ltd. The laboratory consists of teams from China Telecom, Tencent Cloud. Tencent's WeChat Pay has a whopping 900 million monthly active users, while Alipay, from Alibaba affiliate Ant Financial, has over 500 million monthly active users. The companys stock has been under pressure since the US executive. This could open a Pandora's box of unwanted regulatory scrutiny for Tencent. Financial services and payment apps such as WeChat Pay contributed about 25 of revenue, and 16 came from online advertising. Bringing WeChat Pay under the financial holding company would also give the government access to the mobile wallet’s user data, including transaction information.But the restructuring might lead to additional steps for consumers that wear away one of WeChat’s biggest advantages: convenience. WeChat users may still be able to do all these things with WeChat Pay folded into Tencent’s financial holding company.The mobile wallet provides the transaction infrastructure that lets WeChat users do everything from sending peer-to-peer payments to paying bills and booking flights. Why this matters:WeChat Pay is an integral part of the WeChat super app, which this year is expected to reach 811 million users, accounting for more than half (57.9%) of China’s population, per Insider Intelligence forecasts. The order would be similar to that of Ant Group, which was asked last year to restructure into a financial holding company to cut what regulators called “improper linkages” between Alipay and Ant Group’s consumer credit offerings.

Tencent wechat pay 800m license#

Early indications suggested WeChat Pay would not be included in the financial holding company, but sentiments may have changed: Regulators allegedly don’t think WeChat Pay’s extensive services are covered by the payments license owned by TenPay-the back-end provider of WeChat’s wallet services. Meanwhile, Ant Financial’s Alipay, WeChat Pay’s biggest rival in China, has also opened up access to its mobile payment platform to foreign visitors.But WeChat and Alipay are also potential competitors to the digital yuan's own app. In China, WeChat and Alipay, which is run by Alibaba affiliate Ant Group, dominate mobile payments last year, Alipay also began trialing digital yuan payments. Previously, users could get the app on an invite-only basis.

Tencent wechat pay 800m download#

That will enable anyone in those areas to download and sign up to use the digital currency. This would extend the government's crackdown on Tencent and other Chinese tech powerhouses. This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. Mar 21, 2022, 7:05 AM Regulators may force Tencent to add WeChat Pay to its financial holding company. To date, the People's Bank of China, which issues the digital yuan or e-CNY, has done limited trials in certain cities via lotteries where the central bank has handed out small amounts of the currency to some citizens.īut there are now signs that the PBOC is looking to expand usage of the digital yuan, despite no concrete date for a nationwide rollout. Chinese internet giant Tencent Holdings ( OTCPK:TCEHY) could be forced to overhaul its operations and put WeChat Pay into a financial holding company, similar to what happened with Ant Group, after. WeChat Pay has over 800 million monthly active users. It can also be used for purchases online. WeChat Pay allows users to show merchants a barcode on their phone to pay for items in store.