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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 15, 2025
On the web
Chinese Organized Crime’s Latest U.S. Target: Gift Cards
ProPublica
"Chinese crime rings already dominate the illegal marijuana trade in the U.S. and launder cocaine and heroin profits. Now a federal task force is investigating their role in a burgeoning form of gift card fraud."
January 14, 2025
On the web
Hong Kong FPS to Enable Small Cross-Border Payments with Mainland China by Mid-2025
Fintech Hong Kong
"The Hong Kong Monetary Authority (HKMA) has announced plans to connect the Hong Kong FPS with mainland China’s Internet Banking Payment System (IBPS) this year, enabling small cross-border transactions using mobile phone numbers."
XTransfer Officially Receives MPI License from the Monetary Authority of Singapore
PR Newswire
"XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, was granted the Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This significant milestone strengthens XTransfer's leading position in the B2B cross-border payments industry."
January 6, 2025
On the web
Laos and China to Introduce QR Code System Connecting Their Payment Networks
Travel Daily Media
"Laos’ Lao National Payment Network Company Limited (LAPNet) and China’s UnionPay International (UPI) formally signed an agreement to introduce a QR code-based system connecting the two countries’ payment networks."
January 2, 2025
On the web
Unionpay and Weixin Pay Expand Payment Options for Tourists in China
IBS Intelligence
"UnionPay International and Weixin Pay have partnered to allow users of international UnionPay-powered wallets to scan Weixin Pay payment codes in the Chinese mainland. Eight wallets are now able to offer this feature, namely BoC Pay from Bank of China (Hong Kong), Octopus, PayMe by HSBC, and Tap & Go in Hong Kong SAR; Bangkok Bank Mobile Banking and K PLUS from KASIKORNBANK in Thailand; Naver Pay in South Korea; and ICBC Mobile Banking (ICBC Pay) in Malaysia."
December 2, 2024
On the web
China’s Digital Yuan Adoption Faces ‘Bottlenecks,’ Says Director of Shanghai-Based University
Crypto News
"China‘s central bank digital currency — also known as the digital yuan — is still encountering “bottlenecks” in user adoption, driven by reluctance and competition from platforms like Alipay, says Charles Chang, director of the Fintech Research Centre at Fudan University in Shanghai."
November 11, 2024
On the web
Ant International Drives AI in Cross-Border Payments to Boost Global Expansion
South China Morning Post
Ant International is deploying artificial intelligence to improve cross-border payments for small-and medium-sized enterprises (SMEs) worldwide. The AI model predicts currency exchange rates on an hourly basis for both inbound and outbound transactions, helping businesses reduce transaction costs and better allocate resources.
October 22, 2024
On the web
Tenpay Global & TerraPay to Enable International Money Transfers to more than one billion Weixin and WeChat Users
PR Newswire
"TerraPay, a global leader in cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent's cross-border payment platform renowned for its innovative financial services through the Weixin ecosystem."
October 11, 2024
On the web
One in Eight Chinese People Have a Digital RMB Wallet
Ledger Insights
"Mu Changchun, head of the Digital Currency Research Institute at the People’s Bank of China (PBoC), provided an update on the roll out and adoption of its central bank digital currency (CBDC) pilot. As of July there were 180 million personal wallets, which represents about one in eight of the 1.4 billion Chinese population. The cumulative transaction volume reached RMB 7.3 trillion."
October 7, 2024
On the web
China’s 2024 National Day Golden Week Sees 60% Rise in Outbound Travel Transactions and 120% Surge in Inbound Spending YoY Via Alipay
Business Wire
"During the 2024 National Day Golden Week, Alipay recorded a significant increase in both China’s outbound and inbound tourism spending. In China, international travelers spent 120% more year-on-year using their international card-enabled Alipay accounts at merchants during the first four days of the National Day holiday. Alipay Tap! saw transaction volume increase by 130% during the holiday compared with the same period in September."
October 3, 2024
On the web
Alibaba’s Taobao Introduces Tencent’s WeChat Pay, Set to Add JD Logistics
China Daily
"Starting Friday, consumers shopping on Alibaba's Taobao platform can now use Tencent's WeChat Pay for transactions, according to an official statement from Taobao. The new payment option allows users to complete purchases with WeChat Pay, and subsequent updates will enable users to access transaction records and bills directly within the WeChat app, WeChat Pay said."
On the wires
Worldline Partners With Bochk to Launch Open Platform Card Solution in Hong Kong
PR News Wire
"Worldline announced a partnership with the Bank of China (Hong Kong), making it Worldline's first customer of its open platform card solution Paysuite Essential Edition (Previously named Cardlite) in Hong Kong."
September 16, 2024
On the web
China Mulls How to Incentivize CBDC Adoption by Payment Providers, Consumers
Ledger Insights
"We recently reported that China’s central bank digital currency (CBDC), the eCNY, processed $56 billion in transactions in a single month. It reached a cumulative volume of RMB 7 trillion, which is nearing the $1 trillion mark ($932 billion to be precise). However, a fair proportion is business usage. Stories continue to circulate about a lack of consumer enthusiasm for the digital RMB."
September 13, 2024
On the web
International Visitors to Beijing Can ‘Tap & Go’ With Mastercard Cards to Pay For Rides on Beijing Urban Rail Transit
Mastercard
"Supported by the PBC, the Beijing government, and the city’s urban rail transit system, Mastercard has become the first international payment brand in Chinese mainland to complete system integration and successfully launch the 'Tap & Go' feature for urban rail transit"
September 11, 2024
On the web
Tencent’s WeChat Pay Brings Palm Payments to Macau, Targeting Mainland Chinese Tourists
South China Morning Post
"WeChat Palm Pay lets mainland tourists pay by scanning their hand in shops located in hotels under the Galaxy Entertainment Group"
September 4, 2024
On the web
Alibaba to Allow Payment Through Tencent’s WeChat Pay for the First Time on E-commerce Apps
CNBC
"Chinese tech giant Alibaba said that its core Taobao and Tmall e-commerce platforms will now allow payment through Tencent’s WeChat app for the first time. Previously, Alibaba’s Chinese e-commerce sites only accepted limited payment options and pushed WeChat Pay rival Alipay as one of the main ways to pay."
July 23, 2024
On the wires
XTransfer and EBANX Partner to Facilitate B2B Trade Payments in Latin America
PR News Wire
"XTransfer, China's top B2B cross-border trade payment platform, and EBANX, the leading payment platform connecting global companies with customers in Latin America, Africa, and Asia, announced a strategic partnership aimed at streamlining B2B trade payments in Latin America."
July 12, 2024
On the wires
LianLian Global and Guavapay Announce New Global Payment Experience
PR Asia
"LianLian Global and Guavapay have signed a cooperation agreement to jointly create a convenient, efficient and secure global payment experience. The partnership enables people to send money to China through Guavapay's payments app, MyGuava ."
June 21, 2024
Top Post
China Asks Visa, Mastercard to Cut Card Fees
"China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country to encourage spending by foreign visitors, Bloomberg News reported, on Friday, citing a person familiar with the matter. The Payment & Clearing Association of China is proposing lowering the fees charged on foreign card transactions to 1.5% from between 2% and 3%, the report said."
June 12, 2024
On the web
XTransfer and Banking Circle Announce Strategic Partnership
Banking Circle
"XTransfer, the leading B2B cross-border payment platform from China, and Banking Circle have entered into a strategic partnership. This collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer’s clients, particularly benefiting Chinese suppliers with significant markets in Europe and the Middle East."
June 5, 2024
On the web
China May Impose Similar Regulations for WeChat as India’s UPI Rules
Business-Standard
"China is planning to introduce a new mobile payment regulation aimed at reducing the market share of Tencent Holdings' WeChat app, similar to efforts made by the National Payments Corporation of India to curb Google Pay and Phone's growing dominance in the market."
May 13, 2024
On the web
Chinese Workers Paid in CBDC Are Cashing It Out for Real Money
Cointelegraph
"Some participants of China’s CBDC pilot program are reportedly hesitant to hold onto the digital yuan, citing a range of concerns with using the state-backed digital currency."
April 12, 2024
On the web
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."
April 11, 2024
On the web
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."
April 2, 2024
On the web
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."
February 23, 2024
On the web
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."
February 8, 2024
Top Post
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."
January 30, 2024
On the web
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."
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."
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