Global

Japan to Collaborate on Chinese Payment Services With Joint QR Code

Nikkei Asia

"Efforts are underway between Japan and other Asian countries to allow mutual access and use of QR code payment services that are popular in their own countries."

Tags: China Japan

Global

Bank of China Lets Taxi Drivers Accept Central Bank Digital Currency Payments on NFC Mobile Phones

NFCW

"The Bank of China is conducting a pilot in the city of Shenzhen of a new service that makes it possible for merchants to accept contactless digital currency payments on standard NFC mobile phones."

Tags: China

Global

China Digital Currency: Qingdao Metro Facilitates E-CNY Payment Even When User Balance Is Too Low

South China Morning Post

"China’s coastal city of Qingdao in Shandong province has launched a new “deferred payment” feature for metro passengers wanting to use digital fiat money: they can exit the station even if the wallet balance is not enough."

Tags: China

Global

Digital Yuan Now Used to Complete Car Prepurchase Payments

Bitcoin News

"The digital yuan, China’s central bank digital currency (CBDC), is being used as a security element in car prepurchase payment settlements."

Tags: China

Global

China Sets Final Rules for Alipay, Wechat Pay and Their Peers

Nikkei Asia

"China has approved regulations on nonbank payment institutions, seeking to curb risks in the booming sector by tightening supervision over digital payment service providers including Alipay and WeChat Pay."

Tags: China

Global

UAE Completes First Cross-Border Digital Dirham CDBC Payment Worth $13.6M to China

Yahoo Finance

"The United Arab Emirates (UAE) has successfully completed the first cross-border payment using the Digital Dirham."

Tags: China UAE

Global

Hong Kong to Expand e-CNY Pilot

Finance Asia

"HKMA and the PBOC announced further support for the expansion of use cases of the digital yuan in Hong Kong, targeting local consumers and travellers."

Tags: China Hong Kong

Global

Jack Ma’s Alipay Reign Officially Over, IPO Back on Track

Asia Financial

"China’s central bank has agreed that payment app Alipay no longer has a controller after a sweeping business overhaul of Jack Ma’s Ant Group , the fintech giant that owns the app, putting its long-awaited IPO back on track."

Tags: China

Companies Global

China Tightens Rules for Non-Bank Payment Firms Like Alipay

Asia Financial

"China has announced tough rules for non-banking payment institutions amid an ongoing clampdown on the country’s $57 trillion financial sector."

Tags: Alipay China

Global

Chinese Visitors to Singapore Can Use Digital Yuan CBDC

Ledger Insights

Today the Monetary Authority of Singapore (MAS) announced an agreement with the People’s Bank of China to allow tourists from either country to use the pilot digital yuan, also known as eCNY.

Tags: China Singapore

Companies Global

Mastercard JV Approved to Begin Domestic Payments Processing in China

"Mastercard announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity in China."

Tags: China

Global

PetroChina Completes First International Crude Oil Trade in Digital Yuan: Report

Coindesk

"Chinese oil and gas company PetroChina has completed the first international crude oil trade using the country's central bank digital currency (CBDC), the e-CNY, China Daily reported on Saturday."

Tags: China

Global

China Enables e-CNY Top-Up Using Mastercard and Visa Cards

FinanceFeeds

"The Digital Yuan app in China has been updated to make it easier for tourists to use digital currency during their visits. International tourists can now top up their Digital Yuan wallets using Mastercard or VISA cards before arriving in China."

Tags: China

Global

mBridge CBDC Project Nearing Commercialization

Blockworks

"Eddie Yue, the CEO of Hong Kong’s central bank, expects that the mBridge CBDC project will gradually transition to commercialization. In a keynote speech at the 2023 Bund Summit, he detailed plans for the platform, which China, Thailand, Hong Kong and the United Arab Emirates are jointly developing in partnership with the Bank of International Settlements."

Tags: China Hong Kong Thailand UAE

Global

China's Digital Yuan Head Urges Unification of Alipay, WeChat Pay QR Codes as PBOC Pushes e-CNY Adoption

Yahoo Finance

"China's head of digital yuan is urging mobile payment providers such as WeChat Pay and Alipay to improve their interoperability and unify QR codes for e-CNY payments, as the People's Bank of China (PBOC) aims to promote the country's central bank digital currency (CBDC) across all retail use cases."

Tags: China

Companies Global

WeChat Pay Introduces Palm-Scanning Payment Tech in 7-Eleven Stores in Guangdong [China]

TechNode

On September 5, WeChat Pay announced that its palm payment service is now available at over 1,500 7-Eleven convenience stores in Guangdong province...Its introduction into 7-Eleven stores marks its initial launch in the retail industry in China.

Tags: China WeChat Pay

Global

Rise in Chinese Citizens, Firms Using Digital Yuan to Pay Taxes

Crypto News

"More Chinese citizens and firms are using the digital yuan, China’s central bank digital currency (CBDC), to pay their taxes, state organs, and government-owned banks have claimed. Per Xinhuanet, the claims were made by Hunan Province’s Tax Bureau, as well as the Changsha Central branch of the People’s Bank of China (PBoC)."

Tags: China

Companies Global

Microsoft Exploring CBDC Option, As Bank of England Recruits Advisory Group

Tekedia

"Microsoft, the tech giant behind the popular Windows operating system and the Azure cloud platform, has announced that it is exploring the possibility of developing a central bank digital currency (CBDC) solution. Microsoft has partnered with the Digital Currency Institute of the People’s Bank of China, the central bank of China, to conduct research and development on CBDC technology."

Tags: China

Global

UnionPay International Partners with Malaysian Payment Network PayNet to Promote Cross-Border QR Interoperability

PR Newswire

"Today, UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia's national payments network jointly signed an agreement in Shanghai to promote the cross-border QR code linkage and enable the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App Network Payment Platform at the QR merchants in Malaysia."

Tags: China Hong Kong Malaysia

Companies Global

Visa and Mastercard Can Now be Used on China’s Biggest Payment Apps

CNN

"Visiting China just got a whole lot easier for international travelers. Starting Friday, visitors are able to link their Visa and Mastercard accounts to China’s most popular mobile payment platforms, allowing them to book taxis, ride the subway and pay for goods and services at millions of outlets across the near-cashless country."

Tags: China

Global

China’s Digital Yuan Nears $250B Transaction Volume — Central Bank Governor

Cointelegraph

"While the adoption and use cases of China’s central bank digital currency are expanding, the digital yuan still only represents 0.16% of China’s monetary supply."

Tags: China

Global

Digital Yuan Integration Revolutionizes Chinese Business and Air Travel

Coinnounce - Bitcoin & Cryptocurrency News

"China's digital yuan integration into business and air travel promises a seamless and secure payment experience, fostering financial inclusivity and setting a precedent for other countries exploring central bank digital currencies."

Tags: China

Global

SoftBank Considering US Listing for its PayPay Business

Reuters

"SoftBank is considering a U.S. listing for its PayPay payments business, three sources familiar with the matter said, in what could mark another American listing for Masayoshi Son's sprawling tech conglomerate along with chip designer Arm. New York is seen as a more attractive destination than Tokyo for listings given the higher valuations tech companies generally achieve there, one of the sources said."

Tags: China

Global

Digital Yuan Ushers in New Payment Method with Rollout of SIM Card Integration

Global Times

"Chinese banks and mobile carriers are teaming up to roll out a SIM card purse product embedded in the payment platform of digital yuan, or e-CNY, further expanding the application scenarios of the digital currency."

Tags: China

Global

China Hits Alibaba Affiliate Ant Group with $985 Million Fine for Violating Various Regulations

CNBC

"China’s central bank hit Alibaba affiliate Ant Group with a 7.12 billion yuan fine ($985 million) on Friday. The People’s Bank of China, which issued the fine, said that the penalty was in response to violations of various laws and regulations, including around corporate governance, consumer protection and anti-money laundering requirements."

Tags: China

Global

Chinese Payment Giants Revive Effort to Accept Foreign Credit Cards

Reuters

"Chinese tech giants Tencent Holdings and Ant Group said that they would allow users to link international credit cards to their platforms, an issue that has long plagued foreign visitors as the country’s payment system has kept credit cards out for years."

Tags: China

Global

China Launches Palm-Scan Payment System, Amazes Netizens Though Some Raise Security, Privacy Concerns

TODAY

"Chinese tech giant Tencent Holdings has introduced a palm-recognition payment method in Beijing, allowing commuters using the metro to simply wave their palms over a scanner to pay for rides. Instead of using cards or phones to pay for rides, commuters in the capital city can wave their palms over a scanner which detects the user’s unique palm print and triggers an automatic payment from their WeChat account."

Tags: China

Global

China Pilots Power and Network-Free CBDC Metro Payments

Cryptonews

"The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC)."

Tags: China

Global

China Is Doubling Down on its Digital Currency

Foreign Policy Research Institute

"China’s central bank continues to take aggressive steps toward assimilating the digital yuan within its domestic financial system. Despite these efforts, less than a fifth of the Chinese population have utilized it."

Tags: China

Global

UnionPay International Partners with Pecunpay to Issue UnionPay Card, Empowering Spanish Tourists and companies with a Fast, Safe, and Smooth Payment Experience Traveling in China

PR Newswire

"UnionPay International (UPI) and Pecunpay recently announced the launch of the UnionPay card that empowers cardholders with a fully accepted payment method when travelling in China."

Tags: China Spain