A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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January 30, 2024
On the web
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."
January 2, 2024
On the web
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."
December 18, 2023
On the web
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."
December 7, 2023
On the web
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.
November 30, 2023
On the web
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."
October 24, 2023
Top Post
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."
September 27, 2023
On the web
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."
September 26, 2023
On the web
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."
September 8, 2023
On the web
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."
September 6, 2023
On the web
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.
August 11, 2023
On the web
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)."
August 10, 2023
On the web
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."
August 9, 2023
On the wires
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."
July 25, 2023
On the web
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."
July 24, 2023
On the web
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."
July 21, 2023
On the web
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."
July 12, 2023
On the wires
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."
July 11, 2023
On the web
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."
July 7, 2023
On the web
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."
June 28, 2023
On the web
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."
June 20, 2023
On the web
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."
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)."
June 2, 2023
On the web
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."
June 1, 2023
On the wires
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."
May 31, 2023
On the web
China's UnionPay Surpasses Visa with Largest Market Share of Debit Card Transactions: Nilson Report
Global Times
"China's UnionPay surpassed Visa for the first time in 2022, securing 40.03 percent of global debit card transactions, China Media Group (CMG) reported on Sunday, citing latest statistics compiled by industry platform Nilson Report."
May 24, 2023
On the web
Chinese CBDC Digital Yuan Drive SME Loans to Outspread Its Use
The Coin Republic
"According to Changsha Evening News, small and medium enterprises (SMEs) can apply for loans using the digital Yuan. The first transaction was done in the city of Changsha in Hunan province. Three SMEs successfully obtained loans. The three firms received loans of 583,000 yuan which is around $83,300, after the Hunan Provincial Department of Science and Technology acknowledgment. The funds were processed through the Bank of Communication. It is a commercial bank assisting the PBoC with the digital yuan pilot program."
May 9, 2023
On the web
East China's Jiangsu to Expand Digital Yuan Usage in Education Sector
Global Times
"East China's Jiangsu Province recently released a plan for a pilot program to promote usage of the digital yuan in the local education sector, aiming to boost application scenarios such as fee payment and campus consumption.The plan will focus on various aspects to deepen the use of digital yuan in the education sector, chinanews.com reported on Tuesday."
April 27, 2023
On the web
China’s WeChat to Allow More In-app CBDC Payments – Digital Yuan Pilot “Accelerates”
Cryptodaily
"The Chinese tech giant Tencent has stated that its WeChat ecosystem will let users make digital yuan payments on applets and video channels. The move will allow WeChat users to pay via in-app applets using the Chinese central bank digital currency (CBDC). They will also be able to use the CBDC to shop on e-commerce platforms such as JD.com without leaving the WeChat ecosystem."
April 25, 2023
On the web
China Digital Currency: Jiangsu City Leverages Logistics Hub Status to Promote e-CNY in Belt and Road Trade
Yahoo Finance
"A city in eastern China's Jiangsu province plans to use the mainland's sovereign digital currency in cross-border trade with Belt and Road countries, as local governments warm up to the electronic money known as the e-CNY. Xuzhou, the starting point of many Europe-bound freight trains from China, has published a plan that promotes the e-CNY, including its usage in cross-border trade. The city has 18 regular cross-border railway lines to 21 countries in Europe and Asia."
April 24, 2023
On the web
China’s Digital Yuan to be for Government Wages
Ledger Insights
"China is to start paying the salaries of some civil servants and public officials using its central bank digital currency (CBDC), it was reported today. The current take up of the digital yuan is unclear as statistics have not been published for more than six months. One effect of the staff payment initiative will be to boost the Chinese CBDC adoption figures."
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