1. LINE

      Text:AAAPrint
      Sci-tech

      Alipay, WeChat, UnionPay have big plans to gain larger share of growing market(2)

      1
      2017-02-08 10:02Global Times Editor: Wang Fan ECNS App Download

      An employee from a commercial bank, who preferred not to be identified, agreed. "UnionPay also has an advantage in large payment transactions because WeChat and Alipay are more frequently used in payment of small amount," the bank employee told the Global Times on Monday.

      For example, the two digital wallets account for around 80 percent of the mobile payment market which are under 5,000 yuan, according to the employee.

      However, Liu Dingding, an independent Internet industry analyst, pointed out that the cooperation between UnionPay and commercial banks is crucial to the bank card association's goal of getting to the top.

      Currently, UnionPay and the commercial banks have a "strange bedfellows" relationship, Liu said.

      "UnionPay is looking to promote QR code with banks, but the logistics behind major banks' moves are different - they seek to expand the user base of their own mobile applications so that they can engage with clients directly, which means banks may also cooperate with WeChat and Alipay if UnionPay's promotion has not achieved their desired result," Liu told the Global Times on Sunday.

      Broader ambitions

      To date, the battles in the mobile payment market between the two tech giants, Alibaba and Tencent, have also intensified.

      Head-to-head against WeChat's hongbao-grabbing activities during the Spring Festival, Alipay continued last year's collection of five good fortune games with the introduction of augmented reality technology. Participants can split a 200 million yuan prize by scanning the street-side "fu" signs, or the Chinese character of fortune, that are ubiquitous during the holidays.

      To attract users, the two digital wallets are also locked in a competition for offline payment points for businesses such as restaurants, supermarkets and department stores. Therefore, both platforms turned to third-party services providers who specialize in "offline promotion" and merchants services for potential offline business growth.

      For example, WeChat announced in April a plan to attract third-party services providers with more than 300 million yuan in investments. Alipay also plans to provide 1 billion yuan in rewards to third-party services providers over the next three years.

      But behind the tit-for-tat competition, both Alipay and WeChat have broader ambitions.

      One is the collection of big data related to transactions, which enable those platforms to invent and tailor financial services such as marketing strategies, investment and loans to their clients, Liu said.

      Tencent has been struggling with how to generate revenues based on its huge consumer bases. In an interview with Caixin magazine in January, Huang Li, director of WeChat Payment, refused to elaborate on the business blueprint for the platform, only noting that the company is considering a strategy "as a whole."

      Regulatory controls

      In the near future, the country's third-party payment market will face greater regulatory control.

      In January, the People's Bank of China (PBC) announced a new regulation that requires third-party payment companies to deposit clients reserve funds in bank accounts that do not generate interest. The new rules are intended to ensure institutions do not put the money into "risky" financial services. It is expected to takes effect in April.

      An Alibaba spokesperson refused to comment on the policy's effect on its business. He said that the company "welcomes the policy and will actively impose it."

      According to a report published by research firm TrendForce, following the policy implementation, major domestic payment providers, including Alibaba and Tencent, will suffer a blow, as the policy prevents them from using the funds to generate interest income or grow their business.

      But Li disagreed. "Large-scale firms do not rely on interest from client funds. So the new measures will only hurt small third-payment firms."

      Yet the policy is likely to tip the scales in UnionPay's favor, Li noted.

        

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: 美女黄网站人色视频免费| 亚洲第一成年网站大全亚洲| 亚洲第一第二第三第四第五第六| 黄色网址免费观看| 亚洲精品国产专区91在线| 91免费国产精品| 亚洲高清资源在线观看| 久久久久久夜精品精品免费啦| 图图资源网亚洲综合网站| 毛片免费在线观看| 久久亚洲美女精品国产精品| 在线成人爽a毛片免费软件| 日韩亚洲Av人人夜夜澡人人爽| 99ee6热久久免费精品6| 亚洲成a人片在线观看播放| 亚洲精品无码永久在线观看| 麻豆一区二区三区蜜桃免费| 亚洲精品456播放| 精品国产污污免费网站入口在线 | 亚洲av永久中文无码精品综合| 日韩免费观看一级毛片看看| 国产精品观看在线亚洲人成网| 亚洲国产香蕉人人爽成AV片久久 | 男女啪啪永久免费观看网站| 亚洲日韩精品射精日| 秋霞人成在线观看免费视频 | 久久精品国产亚洲网站| 最近中文字幕mv免费高清视频8 | 大学生美女毛片免费视频| 黄网站色视频免费观看45分钟| 亚洲综合色婷婷七月丁香| 最近中文字幕免费完整| 亚洲一区二区三区丝袜| 亚洲综合另类小说色区色噜噜| 日本亚洲色大成网站www久久| 少妇亚洲免费精品| 亚洲综合久久一本伊伊区| 又大又黄又粗又爽的免费视频| 久久毛片免费看一区二区三区| 亚洲区精品久久一区二区三区| 国产在线一区二区综合免费视频|