News about China Daily.
March 20th, 2017
China is outpacing the US and Europe in the development of mobile payment technology, according to Apple CEO Tim Cook. “People in the US and Europe get used to credit cards, and merchants in the US are very slow to adopt new terminals that make mobile payment possible,” Cook said during the China Development Forum in Beijing, according to China Daily. “In China, because of the huge number of small businesses, there is a higher willingness to embrace changes.”
January 24th, 2017
The People’s Bank of China (PBOC) is to ban third-party payment providers, such as Alibaba-owned Alipay, from using their clients’ money, China Daily reports. “Starting from April 17, a total of 267 third-party organisations with central bank licenses in China will have to submit around 20% of provisions to a single account opened in a commercial bank with the central bank’s approval,” the publication reports. The 20% limit will rise to 100% once the companies have adjusted to the changes.
August 31st, 2016
Chinese handset maker Xiaomi will launch its Mi Pay NFC-based mobile payment service on 1 September, in collaboration with bankcard association China UnionPay. “It can be linked to credit cards and debit cards from 10 banks,” China Daily reports. “With Mi Pay, consumers can also use smartphones as transportation cards.” Xiaomi unveiled Mi Pay earlier this month, after reports emerged in April that the company was working with China UnionPay.
August 11th, 2016
Chinese internet giant Alibaba is developing virtual reality-enabled mobile payment technology, according to China Daily. The company is working on a project that would “allow users to pay bills in a 3D virtual world by nodding their heads or making other gestures to log in payment accounts,” the publication reports. No official release date has been given, though an Alibaba employee has been quoted saying September is a possibility.
April 19th, 2016
China’s Baidu has launched its Baidu Wallet mobile payment service in Thailand, enabling Chinese tourists to pay for goods and services there with their mobile phone. “Travelers can use Baidu Wallet to scan the QR codes of the app’s partnered merchants and enter the amount they need to pay,” China Daily reports. The service is also expected to expand to South Korea, Japan, Hong Kong, Macao and Taiwan.
December 16th, 2014
Alipay has extended its fingerprint log-in capability for the Alipay Wallet to iPhone users, China Daily reports. The function is also available to users of Huawei’s Ascend Mate 7 handset and was first demonstrated at a conference in Beijing in October.
October 14th, 2011
Mobile payments are set for rapid growth in China, according to new research. The country will have 230 million mobile payment users by the end of this year, spending 11.37bn yuan (US$1.8bn) — 400 percent up on 2010 — reports China Daily. This is expected to rise to 320m users and 35.78bn yuan in 2012.
August 10th, 2011
The HTC Stunning, the company’s first NFC phone, will be launched in China in September via a deal with payments network China UnionPay.