Join us in New York on September 29-October 1 for our next Payments Boot Camp and Advanced Payments workshop!
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.
Search Payments News
October 5, 2018
On the wires
Merchants worldwide optimize UnionPay services during Golden Week to enhance Chinese tourists’ experience
“The China Tourism Academy estimates that there will be 7 million outbound tourists during the Chinese National Day Holiday this year, hitting a record high. This holiday has become a global Golden Week, which is attracting the attention of foreign media and merchants. The Forbes website recently reported that Chinese tourists’ preference for experience, consumption and accommodation will reshape the global tourism industry. Foreign businessmen should know what Chinese tourists want, such as their favorite payment tool as UnionPay.”
September 28, 2018
On the wires
InComm Japan to Become Alipay Payment Processing Partner
“InComm Japan, a subsidiary of InComm, today announced it will become a payment processing partner for Alipay (支付宝). With this agreement, InComm adds Alipay to the services it offers to merchants. InComm plans to further expand its payment processing portfolio both domestically and overseas”
September 27, 2018
On the web
Tencent & Alibaba chase remittances in battle for Southeast Asia
Reuters
“Both companies recently launched money-transfer services that allow Hong Kong-based workers from Indonesia and the Philippines to send money home cheaply and easily. The moves are a first step in going after a global remittance business that moves more than $600 billion around the world annually.”
September 25, 2018
On the web
Chinese payment giants are light years ahead
Raconteur
“China’s two mobile payments giants, Alipay, an affiliate of the Chinese ecommerce group Alibaba, and WeChat Pay, owned by the messaging and social media powerhouse Tencent, are streets ahead of their Western rivals in terms of technology, user friendliness, number of users and ubiquity. To put their scale into perspective, each organisation handled more payments in a single month this year than PayPal’s $451 billion for the whole of 2017, according to research firm Analysys.”
September 12, 2018
On the web
China Can’t Afford a Cashless Society
Foreign Policy
“The growing “cashlessness” of Chinese cities threatens to expose underlying issues of economic instability. Mobile payments are carving out lines between young and old, and between the prosperous urban middle class and those left behind by the boom times.”
September 5, 2018
On the wires
Alipay Seeks Japanese Partners to Strengthen Cashless Experience across the Country for Tourists before 2020
“Alipay, the world’s leading mobile and online payment platform operated by Ant Financial Services Group (“Ant Financial”), today announced that it will collaborate with a wider range of local Japanese partners to build a cashless environment for tourists coming to Japan, in particular for the Tokyo Olympic Games in 2020. This will allow the large number of visitors coming from China the chance to enjoy easy payment methods that they are familiar with and provide business opportunities for local merchants in Japan.”
August 29, 2018
On the web
Xiaomi’s Mi Pay set for launch in India
Hindu Business Times
“According to sources, Chinese mobile smartphone maker Xiaomi is ready to launch its payment service, Mi Pay, in the growing Indian payments market. Xiaomi, currently India’s second-largest smartphone seller, has already conducted trials and testing of the UPI service, and is awaiting RBI approval for the launch, said two sources. The company has currently tied up with a leading private lender in India for system integration, and is looking at more tie-ups once it receives the licence from the banking regulator.”
August 28, 2018
On the web
Mobile payment on fast growth in China
XinhuaNet
“China’s mobile payments continued fast growth in the second quarter of 2018, the central bank data showed. The country’s banks processed 14.92 billion mobile payment transactions in Q2, up 73 percent year on year, according to the People’s Bank of China. The value of these transactions totalled 62.88 trillion yuan (9.15 trillion U.S. dollars), up 60 percent year on year.”
August 27, 2018
On the web
WeChat, Alipay to Block Crypto Transactions on Payment Platforms
Coindesk
“Chinese mobile payment platforms WeChat Pay and Alipay are scrambling to keep up with regulators after recent announcements regarding initial coin offerings (ICOs) and cryptocurrencies. Both payment giants have said that they will work with the government agencies closely to monitor cryptocurrency transactions, according to news releases on August 24.”
August 24, 2018
On the web
China Is Getting Even Tougher on Cryptocurrencies a Year After Its Crackdown
Wall Street Journal (paywall)
“Financial officials in an eastern district of Beijing issued a notice last week to stores, hotels and offices urging them not to host any cryptocurrency-related speeches, events or activities. The document also asked that any activity be reported to local officials and said authorities were acting on behalf of a working group led by the central bank to clean up cryptocurrency trading.”
August 23, 2018
On the web
China’s central bank cracks down on merchants who refuse to take cash
South China Morning Post
“China’s central bank has stepped up action against merchants refusing to accept cash payments, on concerns over financial stability amid a surge in the use of mobile payment systems across the country.”
August 16, 2018
On the web
Bank of China to Raise Fintech Spending, Pursue Blockchain Projects
Wall Street Journal CIO Journal blog
“The Bank of China’s chief information officer recently shared details on the bank’s blockchain efforts as he unveiled plans to boost fintech spending, according to local news reports. Liu Quiwan said the state-run commercial bank, which is distinct from the central bank of China, will increase investing in a range of fintech tools to more than 1% of its annual operating budget, though the exact amount was unclear, China-based The Paper reported last week.”
July 16, 2018
On the web
Letter From Shenzhen
Logic Mag
“While using ApplePay in San Francisco is similar to paying with WeChat in Shanghai, the scale of technology’s pervasiveness is more apparent in rural China than the rural US. For example, imagine paying for a long-distance bus ticket or a coffee from the local diner in Cheyenne with a cell phone. There are still parts of the rural US without cell phone service, places where you feel untracked and like you might disappear. Yet even in one of the poorest provinces in China, QR codes will follow you from towns to villages.”
As China Goes Increasingly Cashless, PBOC Says Cash Payment Is Still Alive
South China Morning Post
“The central bank in China, the world largest mobile payment market, is urging individuals and companies to not refuse or discriminate against cash payment. The People’s Bank of China notice on Friday to dial down what it calls an “overhype” of a cashless society comes as mobile payment volumes continue to soar to new heights. “Cash has been rejected for some consumers in tourist attractions, restaurants, retailers and other industries. This damages the legal status of the yuan, and hurts consumers’ rights to choosing payment methods,” according to the notice posted on the central bank’s website.”
May 11, 2018
On the web
Chinese Messaging Giant WeChat Shuts Down 3rd Party Blockchain App
CCN
“WeChat is one of the world’s largest platform with more than 1 Billion active users worldwide. WeChat has support for ‘Mini-Programs’ where developers can create applications to run within the messaging platform. The company just suspended Xiao Xieyi, the first blockchain mini-program on the platform.”
May 4, 2018
On the web
Chinese e-wallets a ‘no-brainer’ for B.C.
Business Vancouver
“However, unlike the mobile wallet more familiar to Vancouverites, Apple Pay, the Chinese alternatives do not limit transactions to $100 as Apple Inc. (Nasdaq:AAPL) does in Canada. A customer could make a $5,000 purchase, in theory, if his or her credit card allows it.”
April 4, 2018
On the web
China caps store mobile payments at $80
Nikkei Asian Review
“For payments made by scanning a printed QR code displayed by the seller, the daily limit is set at 500 yuan (about $80). These are considered riskier than other QR code payments because the codes could be tampered with and money sent to fraudulent accounts. Such popular services as Alibaba Group Holding‘s Alipay and Tencent Holdings‘ WeChat Pay are affected.”
March 27, 2018
Top Post
Alipay tempts Europe’s retailers with Chinese tourists’ massive spending power
Quartz
“A survey by Nielsen and Alipay (pdf) suggests that Chinese tourists are bothered by unfamiliar payment methods while abroad. After all, in mainland China today, almost no one pays for a meal, taxi, or new clothes with cash, or even a bank card. It’s all done through the camera lens of a smartphone, through Alipay or the rival payment service from Tencent.”
On the web
Replacing NFC? – Pay Beijing Metro Fares With Mobile Phone QR Codes Beginning in May
The Beijinger
“The new feature is not related to last year’s feature that allowed Beijing commuters to enter city subways using Near Field Communication (NFC) technology, which is based upon interior hardware and not a scannable code connected with a mobile wallet. Unlike the old technology that limited its use to some 160 Android phones, the new system accepts any phone that is connected to an electronic payment system.”
In China payment war, Walmart places bet on Tencent
Reuters
“Walmart, the world’s largest retailer, on Tuesday said it had dropped Alibaba-linked Alipay in all its stores in the western region of the country, after agreeing a tie-up with Tencent to use its popular WeChat payment system. The move underscores how China’s retail market is dividing into two camps around Alibaba and Tencent, tech behemoths worth a combined $1 trillion who are shaking up the online and offline retail market.”
March 22, 2018
On the wires
UnionPay International Forges Major Strategic Alliance with ACI Worldwide to Grow Global Footprint
“ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced a key strategic partnership with Shanghai-based bank card company UnionPay International. UnionPay International is set to significantly grow its worldwide footprint by connecting to ACI’s extensive global network of payment endpoints. Additionally, ACI provides UnionPay International with a next-generation foundational platform through which a range of new products and services can be rapidly brought to market.”
March 21, 2018
On the web
China Allows Foreigners to Enter $27 Trillion Payments Market
Bloomberg
“Foreign players can start applying for payment licenses and will be treated the same as local firms, the People’s Bank of China said in a statement on Wednesday. Applicants must set up local units, establish payment infrastructure — including disaster recovery systems — and store client information domestically, the central bank said.”
China’s Tencent Invests in Video, AI and Mobile Payments, as Earnings Soar
Wall Street Journal (Paywall)
“Tencent executives signaled they remained bullish on investments in video, artificial intelligence and mobile payments. “Many of the current achievements are really results from investments we made years ago,” said Tencent President Martin Lau at a Wednesday press conference.”
March 19, 2018
On the wires
UnionPay International Launches Mobile Payment Service Platform to Accelerate Rolling Out of its Mobile Payment Worldwide
“UnionPay International has recently launched UnionPay International Mobile Payment Service (hereinafter referred to as UMPS), which enables commercial banks, retailers, mobile phone manufacturers and third party institutions outside mainland China to get access to multiple UnionPay mobile payment solutions, including UnionPay mobile QuickPass and UnionPay QR code payment, via the open API of UMPS.”
New Survey Finds Chinese Tourists Use Mobile Payments More Than Non-Chinese Tourists when Overseas
“Nearly all Chinese travelers (91%) would be more willing to shop and spend at overseas merchants that accepted Chinese mobile payments, according to a new Nielsen report, jointly released by Nielsen and Alipay, which found that 93% of Chinese tourists would use mobile payment overseas if given the option.”
First Data Enables Alipay Acceptance at 35,000 North American Merchants
“The expanded partnership follows a May 2017 announcement unveiling First Data’s plans to integrate Alipay at the point-of-sale across four million U.S. merchant locations. The ongoing rollout includes merchants using First Data’s Clover suite of solutions. Clover, a leading point of sale platform, serves the needs of merchants ranging from food trucks and small retailers to regional coffee houses and even the largest sports stadiums.”
Alipay and FreedomPay Partner to Provide Seamless Payment Experiences for Chinese Travelers Visiting North America
“The partnership will enable Alipay’s more than 600 million Chinese users to easily make purchases at thousands of merchants that use FreedomPay’s services in North America, including vendors at airports, entertainment venues, resorts, sports arenas and universities.”
March 16, 2018
On the web
Worldpay partners Lianlian Pay to expand settlement and pay out capabilities
Questex
“Lianlian Pay provides cross-border payment and money transfer solution to Chinese and international businesses and marketplaces. The partnership will allow Worldpay customers access to pay outs in CNY and enhanced deposit capabilities, on top of the 18 settlement currencies already available via a single technical connection. The collaboration is expected to open up local currency settlement and pay out services to businesses across retail, travel and airlines sectors.”
February 6, 2018
On the web
China’s mobile payment users hit 527 million in 2017
ECNS.com
“According to a news conference held by China’s State Council Information Office at the end of last month, the country’s online payment transactions totaled 150 trillion yuan ($23.8 trillion) by October 2017, ranking first in the world. WeChat Pay, one of China’s major mobile payment service providers, attracted over 800 million validated users by September 2017. The number of monthly offline payments was 280% higher than that from a year ago. In addition, WeChat Pay has seen more and more frequent users.”
February 5, 2018
On the web
How WeChat came to rule China
The Verge
“China’s most popular messaging app, WeChat, has always had a close relationship with the Chinese government. The app has been subsidized by the government since its creation in 2011, and it’s an accepted reality that officials censor and monitor users. Now, WeChat is poised to take on an even greater role: an initiative is underway to integrate WeChat with China’s electronic ID system.”
Take us with you
Payments on Fire is available on Apple Podcasts, Spotify, Google, and other podcast apps and services.
Watch new video episodes on our YouTube channel.