News about Caixin Online.
July 25th, 2016
People’s Bank of China (PBOC) is working to create a system for regulating QR code mobile payments in the country, after it suspended QR code-based services run by third-party payment providers in March 2014. “Payment providers including Alipay and Tenpay, along with a number of commercial banks, have continued marketing their QR code payment services,” Caixin reports. “A source close to the central bank said that the 2014 ban was put in place because there were no rules or standards for third party QR code payment services.” PBOC also moved to open up Chinese mobile payment services in August 2015.
February 22nd, 2016
Banks supporting Apple Pay in China will pay approximately half the amount in fees that US banks are paying to support the service — and may have negotiated a lengthy initial holiday period, according to Caixin. “Chinese banks have agreed to pay around 0.07% of each transaction to Apple,” the publication reports. “Apple Pay reportedly collects 0.15% of each purchase from banks in the US. Apple will start collecting the fees in two years.” Apple Pay launched in China last week.
February 18th, 2016
Apple Pay has begun rolling out across China, letting consumers pay in-store with compatible Apple devices using their China UnionPay credit and debit cards at QuickPass-enabled POS terminals as well as make purchases within participating mobile apps.
June 19th, 2015
China UnionPay has invested an undisclosed sum in Jetco, the largest ATM network operator in Hong Kong and Macau. The companies plan to co-develop mobile payment technologies, aiming to introduce a service supporting UnionPay’s NFC QuickPass this year. “The bank card association said it would also work with Jetco to develop apps for smartphones and improve existing online payment services,” Caixin reports. Jetco first began working on NFC services in Hong Kong in 2013.
February 16th, 2015
“Apple Pay has hit bumps in China despite Apple’s efforts to make friends with Alibaba and UnionPay,” Caixin reports. Talks between Apple and the national payments network, which were due to lead to an agreement in March, “have stalled”, the report adds, while Apple still has regulatory hurdles to overcome as “it’s unclear whether the product meets the government’s requirements for a commercial operation”.
December 7th, 2012
China Mobile, the country’s largest mobile operator, has reached agreements with subway and bus companies in 30 cities to allow users to make payments through mobile phones next year, reports Caixin Online. Pilot programs will…