AliPay Stuck in China’s ID Regulation; Opportunities for Bitcoin
The People’s Bank of China integrated a new set of regulation which requires real-name registration for all payment accounts that are not related to a bank directly. Chinese capital controls have an impact on the local economy, but also on any payment service provider dealing with the yuan. Alipay, which is the country’s largest payment processor, cannot continue their overseas expansion die to even tighter capital control rules. Alipay Will Not Expand Internationally for Now. China’s largest third-party payments system had high hopes for their international expansion over the next few....
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Leading Chinese banks are promoting the digital yuan over Alipay and WeChat Pay for an upcoming shopping festival in China. Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay.In an April 26 report, Reuters revealed that six of China’s largest banks are promoting China’s nascent central bank-issued digital currency, or CBDC, in Shanghai ahead of an online shopping festival on May 5.The banks are urging retail outlets and consumers to download the digital wallet and....
Alibaba’s Alipay and Tencent’s WeChat Pay reportedly account for 98% of the mobile payment market in China. China’s central bank digital currency, or CBDC, will provide backup for major retail payment services like AliPay and WeChat Pay as its key objective, according to an official at the People’s Bank of China.Mu Changchun, head of the People’s Bank of China’s digital currency research institute, claimed that China’s digital yuan is needed to ensure financial stability in case “something happens” to AliPay or WeChat Pay, the South China Morning Post reports.Speaking at an online panel....
Alipay, the $60 bln financial application developed by Alibaba subsidiary Ant Financial, is planning to implement Blockchain technology for the long-term benefit of its consumers. With over 450 mln users in China alone, Alipay is easily the most popular and largest mobile payment application in the world. The market cap of Alipay is larger than that of PayPal, a global financial network which processes blns of transactions every year. Blockchain going global with Alipay. In the past few years, Alipay has become the substitute for inefficient banking systems and financial services. As....
Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay. The digital yuan may be China’s attempt at a solution.
In February, Bitcoin Magazine reported that Alipay, an online payment platform of the Chinese e-commerce corporation Alibaba Group Holding Ltd., had announced a project based on blockchain technology and cloud services. The announcement indicated the growing interest of Alibaba in distributed ledger technology. Now, it appears that the Chinese giant is gradually committing to the blockchain. Ant Financial, the Alibaba company that operates Alipay, is using distributed ledgers to transparently record transactions and improve the accountability of Chinese philanthropic organizations,....