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.”


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.”



Edinburgh Tattoo to accept WeChat Pay

Pic credit: The Royal Edinburgh Military Tattoo

Traditional annual Scottish tourism highlight The Royal Edinburgh Military Tattoo is to get a very modern twist from 2018 with the addition of support for Chinese internet giant Tencent’s WeChat Pay mobile payments platform, enabling the growing number of visitors from China who attend the event to purchase tickets, merchandise and other services from their smartphones. More


Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat

Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat — CNBC — “India’s home-grown instant messaging service Hike on Tuesday announced wide-ranging updates to its app, including a new mobile wallet that lets users send and receive money instantly… The Hike Wallet has several features, including a linkage to the government-backed unified payments interface.”











Global mobile payment market to hit $620bn in 2016

Trendforce

Consumers across the globe will use their mobile phones to spend a total of US$620bn on all forms of mobile transaction this year, representing a 37.8% year-on-year growth from $450bn in 2015, research from TrendForce reveals. By 2017, total mobile payment revenue will reach $780bn, climbing to $930bn in 2018 and $1.08tn in 2019. More



Tencent launches WeChat mobile wallet in South Africa

WeChat

Chinese ecommerce giant Tencent has launched a mobile wallet service in South Africa in partnership with Standard Bank. The service lets users of social messaging app WeChat make P2P transfers, pay for services such as airtime, data and electricity and make in-store payments by scanning QR codes at merchants supporting the SnapScan mobile payments platform. More




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