NXP and Changan Automobile to cooperate on infotainment and future vehicle technologies — NXP — PARTNER NEWS — Changan Automobile is one of China’s largest car manufacturers and the first Chinese company to achieve long-distance self-driving… Changan will apply NXP’s vehicle-to-x (V2X) communication, near field communication (NFC) identification, advanced driver assistance systems (ADAS), and joint R&D to further transform automobiles into mobile information hubs.”
China
Apple accepts WeChat Pay in bid to reverse sales decline
Apple accepts WeChat Pay in bid to reverse sales decline — China Daily — “Apple said it is ‘excited’ to introduce Chinese customers using WeChat Pay to purchase apps or subscribe to Apple Music, and will continue to offer payment options that are simple and convenient…. It previously supported credit card transactions, its indigenous Apple Pay, China’s UnionPay, and Alipay, WeChat Pay’s biggest rival.”
Report: 2017 Mobile Payment Usage in China
Report: 2017 Mobile Payment Usage in China — Tencent Research Institute — “Chinese consumers spent US$5.5tn via mobile payment platforms last year, about 50 times more than their American counterparts… 74% of people stated that they can live for more than a month with only 100 RMB (US$14.94) in cash. 84% people reported that they could accept a totally cashless life.”
China targets mobile payments oligopoly with clearing mandate
China targets mobile payments oligopoly with clearing mandate — Financial Times — “China’s central bank has ordered online payment groups to operate through a centralised clearing house, a move likely to undercut the dominance of Ant Financial and Tencent by forcing them to share valuable transaction data with competitors… The latest PBoC instructions require all payment companies to connect to the clearing house by October 15 and to channel all payments through it by June 30.”
Big banks on notice that they’re losing ground to China’s fintech giants
Big banks on notice that they’re losing ground to China’s fintech giants — South China Morning Post — “Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour. Visa has a maximum capacity of processing 25,000 payments per second. But Alipay can process 50,000 payments, twice as much, per second.”
Half a billion people in China use mobile payment
Half a billion people in China use mobile payment — ECNS — “More than 100bn transactions were completed on cashless applications in China in 2016, while the number of mobile payment users has reached half a billion this year, according to official data.”
Mobile payments in China: How the tech giants are changing the future of payments
An in-depth article that provides an expert analysis of how the traditionally cash-focused landscape in China has been “completely transformed” by the introduction of digital and mobile payment services like Alipay and WeChat Pay is now available to download free of charge from the NFC World Knowledge Centre... More
Swatch partners with eleven Chinese banks for second-generation payments watch
Four new NFC smart watches that make use of China UnionPay’s cloud-based payments service have been unveiled in Shanghai by Swatch Group CEO Nick Hayek... More
Apple unveils promotional campaign to win Chinese consumers to Apple Pay
Apple unveils promotional campaign to win Chinese consumers to Apple Pay — South China Morning Post — “Consumers using Apple Pay to make payments in designated online and offline merchants in mainland China that display the logo of UnionPay’s QuickPass facility will receive discounts of up to 50% and as much as 50 times the usual amounts of reward points for credit cards.”
Alibaba’s self-service Tao Cafe takes e-shopping offline
Alibaba’s self-service Tao Cafe takes e-shopping offline — Xinhua — “Entry into Tao Cafe in Hangzhou, capital of east China’s Zhejiang Province, is through ticket gates similar to those at subway stations, however, customers scan their smart phones instead of tickets… The 200-square-meter store offering beverages, fast food and snacks can accommodate 50 customers at a time. To enter and make a purchase, shoppers require only a smart phone with Alibaba’s Taobao ecommerce app.”
What’s New in Payments 2: Special report sets out the latest thinking on the future of payments — free of charge
Payments experts from the European Banking Authority, Yandex, Vodafone, Orange, Dejamobile and Wirecard are among eight contributors to What’s New in Payments: Volume Two, a 76-page special report on the future of payments which is now available to download free of charge from the NFC World Knowledge Centre... More
UnionPay reports growth in QR code mobile payment volumes
UnionPay reports growth in QR code mobile payment volumes — UnionPay International — “The cross-border transaction volume of mobile QuickPass, the UnionPay mobile payment product, doubled in the first half of this year. More notably, more overseas customers are using mobile QuickPass. The transaction volume of mobile QuickPass used locally in Hong Kong and Macau more than tripled and the transaction of mobile QuickPass by Hong Kong and Macau cardholders in mainland China grew by over seven times year-on-year.”
Alibaba challenges Google, Amazon with new Echo-like device
Alibaba challenges Google, Amazon with new Echo-like device — Bloomberg — “Importantly, the gadget — powered by the AliGenie system — may eventually simplify shopping for the Chinese e-commerce giant’s 450 million active buyers who turn to the website for everything from cherries to makeup. It will begin formal sales from August 8 only for China and won’t come with a display.”
In China, Amazon’s ‘store of the future’ is already open
In China, Amazon’s ‘store of the future’ is already open — Tech In Asia — “This is a typical Bingobox store… A shopper opens the door – and registers with the startup – through WeChat, the popular messaging app… The customer has to scan each item’s barcode. And then pay on their phone, either via WeChat or Alibaba’s mobile wallet app, Alipay. As you leave the store, a camera checks you’re taking out only the stuff you paid for.”
Some Macau cash points deserted as face recognition technology kicks in at ATMs
Some Macau cash points deserted as face recognition technology kicks in at ATMs — South China Morning Post — “One casino employee, who works near an ATM which previously had long queues, said: “I used to see lots of people lining up at the ATMs before but they have vanished since the new machines were installed. Everyone must have gone looking for those without the cameras.”
WeChat Pay launches overseas open platform
WeChat Pay launches overseas open platform — Marbridge Daily — “Overseas merchants and service providers will be able to submit application materials online, receive a confirmation email, and sign a service contract online to begin using WeChat Pay. Applicants can also use the open platform to look up authorised overseas institutions and service providers that have partnered with WeChat Pay.”
Macau’s ATMs are using facial recognition to help follow the money
Macau’s ATMs are using facial recognition to help follow the money — Bloomberg — “Chinese bettors withdrawing money from some ATMs in Macau need to do more than punch in their PIN code. They also have to stare into a camera for six seconds so facial-recognition software can verify their identity and help monitor transactions… China UnionPay Co’s network is the first to use the software, which will be installed in all the city’s 1,200 cash dispensers.”
Beijing subway launches smartphone version of travel card
Beijing subway launches smartphone version of travel card — ECNS — “Starting Monday, subway travelers in the Chinese capital with NFC-enabled phones can leave their physical travel card at home and use their smartphone instead, Beijing Municipal Administration and Communications Card (BMAC) said… Beijing subway said the mobile pass function does not support iPhone because of Apple’s restrictions.”
Jack Ma’s Ant Financial nearly doubles profits amid deal push
Jack Ma’s Ant Financial nearly doubles profits amid deal push — Bloomberg — “The company controlled by Alibaba’s billionaire co-founder Jack Ma racked up an 86% jump in pretax profit to 5.56 billion yuan ($814 million) in the year ended March, according to Bloomberg’s calculations… Since starting as Alipay in 2004, Ant Financial has grown into an online giant that controls more than half of China’s $5.5 trillion mobile payments market.”
Chinese satellite relays a quantum signal between cities
Chinese satellite relays a quantum signal between cities — Wired — “This experiment was a crucial test for a budding technology called quantum cryptography, which uses quantum particles like photons to send secure information… Researchers like Lu and his colleagues think quantum cryptography could be the encryption tool of the future.”