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.”


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.”


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.”


Ant Financial enters Hong Kong market with AlipayHK mobile wallet

Ant Financial enters Hong Kong market with AlipayHK mobile wallet — South China Morning Post — “The mobile wallet and payments app, dubbed AlipayHK, is similar to its Chinese counterpart Alipay — registered users are able to top up their mobile wallets and make in-store payments that are settled in Hong Kong dollars at merchants such as Watsons, Fortress and at supermarkets like ParknShop.”







HK bank eyes NFC payments

Bank of China (Hong Kong) is in the final stages of testing an NFC payment service that uses a mixture of secure digital memory cards, SIM cards and NFC add-on devices, the South China Morning Post reports... More


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