With Facebook’s userbase, finances, and influential Association members, Tencent adds its voice to many. Both WeChat Pay and AliPay clear payments through state-owned UnionPay, and are likely to be involved in CBDC issuance. The Hang Seng Tech Index shed 11.03 percent, with market heavyweight Alibaba down 10.9 percent and Tencent 9.79 percent. WeChat, owned by Tencent, is China’s leading mobile app with over 1 billion monthly active users. Tencent’s WeChat Pay is a popular mobile payment service in China and elsewhere, integrated with its WeChat app. The Hang Seng Index sank 4.97 percent, or 1,022.13 points, to 19,531.66, dropping below 20,000 points for the first time since mid-2016.
#Tencent china wechat pay code#
3 - Bank card issuer China UnionPay and WeChat Pay, a third-party payment platform owned by internet giant Tencent Holdings, have struck a deal on QR code payments that enables users to transfer and spend money using the two firms' existing apps. Separately, Hong Kong stocks yesterday fell more than 5 percent, as technology firms were hit by concerns over China’s crackdown on the sector and as the country’s tech hub Shenzhen was put into lockdown. China UnionPay, WeChat Pay Join Hands on QR Code Payments. However, the connection between WeChat Pay and the rest of Tencent’s finance division could make the separation - which executives have said would have a minimal effect on operations - more complicated. Under recently established regulations, Tencent is required to restructure its fintech business under a financial holdings company much like Alibaba founder Jack Ma’s (馬雲) Ant Group Co (螞蟻集團). Last year, the country’s technology overseer told Internet firms to stop blocking rival services, prompting WeChat to start allowing external links to apps run by companies such as Alibaba and ByteDance Ltd (字節跳動). Tencent’s investment arm could be affected as Chinese President Xi Jinping’s (習近平) administration grows wary of what it deems a “disorderly expansion of capital,” while WeChat has drawn scrutiny from regulators for building an enclosed Internet ecosystem that spans everything from e-commerce to short videos and online payments.
A Tencent spokesperson did not immediately respond to a request for comment.
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