Tencent has attempted to launch WeChat outside of China, but most of these attempts have failed. WeChat Pay, which was built using the framework of Tenpay, has over 900 million users and has supplanted AliPay as the most popular payment service in the country. WeChat is the only app in China to have over one billion active users and is one of only five apps in the world which have surpassed that milestone. It has become one of the largest investors in China, second only to Sequoia China, and alongside hundreds of stakes in Chinese startups it also has shares in Snapchat, Fortnite and Tesla Motors. Tencent takes a small slice of revenue from each of these mini programs, and also provides the payments platform.Īs the platform operator, Tencent is able to see which programs are the most popular. Some of the most popular applications in China, including Pinduoduo, JD.com, DiDi and Meituan, all have mini programs on WeChat. “The company that succeeds in Hong Kong will be the one that learns this lesson.Download the guide and start engaging your audience with a fantastic in-app mobile ad experience, including insights on unique formats, optimizing video, and more. “It is difficult to make money from payments, but they can be the glue that ties together an ecosystem of services,” said James Lloyd, Asia Pacific fintech lead at EY. ![]() While the mobile payments companies will be looking to supplant Octopus’ dominant position in the public transport system, ultimately their aim, analysts say, will be to create a wider network of services, which could range from food delivery and ride hailing, to financial services and lending. Tencent did not respond to a request for comment, and AlipayHK said that e-payment on public transport is something that the company “is actively working on”. Visa has said it will bid for the MTR tender, and market insiders expect Alipay and WeChat Pay to also participate.Ĭheung declined to comment on Octopus’ plans for the tender. ![]() In September, the central bank plans to roll out a faster payment system that will allow for real-time processing. This month, MTR Corp is inviting tenders to create a new QR code-based payments system for traveling on the city’s subway system. WeChat Pay does not disclose its user numbers in Hong Kong. The city has become an important testing ground for Tencent’s WeChat Pay, and Alibaba’s Alipay, dominant rivals in mainland China, as they look to establish themselves overseas.ĪlipayHK, a joint venture between Ant Financial, Alibaba’s payments arm, and the Hong Kong conglomerate CK Hutchison, says the number of its users have jumped 50 percent to 1.5 million since March. “Hong Kong is probably a little behind other places when it comes to digital payments, so we are seeing a rush to establish a first mover advantage,” said Fergus Gordon, who leads Accenture’s Asia-Pacific banking practice. REUTERS/Bobby YipĬhinese tech giants like Tencent and Alibaba are bringing their payment platforms to a city that has long thrived on cash and credit cards, putting them into competition with the likes of Google, Apple and Samsung, as well as local players like HSBC. Labels of digital payment (from top) VISA, WeChat Pay and Alipay are displayed outside a boutique at a shopping mall in Hong Kong, China July 31, 2018.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |