Alipay, WeChat Pay Open Apps to Foreigners Visiting China. Where do Visa and Mastercard cards go from here?

Chinese payments giants Alipay and WeChat Pay, long a source of worry among competitors abroad, said they’re planning to open up their platforms to foreigners visiting the mainland.

The apps, which dominate payments across the country and at some businesses have even supplanted cash, required users have local accounts, partly because of regulatory concerns about money laundering and cross-border cash flows. Opening up to visitors may give an incremental boost to spending on the platforms — but for overseas firms, it has big implications, potentially helping pave the way for future adoption abroad.

Foreign access to Alipay, however limited, could shake up the competitive dynamic with Visa and Mastercard, the US card-network giants that have long been shunned by the Chinese government.

Source: Travelers to China can finally experience its cashless economy like a local

0
3 Comments
Inline Feedbacks
View all comments
trackback

… [Trackback]

[…] Information on that Topic: gnews.org/25730/ […]

0
trackback

… [Trackback]

[…] Find More on on that Topic: gnews.org/25730/ […]

0
trackback

… [Trackback]

[…] Information on that Topic: gnews.org/25730/ […]

0

GM18

Nov. 06, 2019