TOPIC

Mobile payments

Mobile payments
Cash is history. Whether its ordering groceries from our smartphone or using it to pay for the bus, these companies and services are changing the way we pay for goods and services.
In June 2024, Alipay introduced the tap-and-pay function in China. Photo: Shutterstock Images
Ant Group

Alipay leads China’s payments market as tap-and-pay reaches 100 million users

Alipay, launched 20 years ago by Alibaba Group, has proved to be a revolutionary product that changed the way Chinese people make payments.

Tencent

WeChat helps Chinese tourists book tables at 870,000 dining spots across Japan

Artificial intelligence

Chinese tech giants race to expand AI services market via open-standard protocol

Fintech

Digital wallets are finally taking hold in Hong Kong, report shows

A survey found that 42 per cent of Hongkongers use Alipay and 22 per cent use Apple Pay, but credit cards are likely to remain relevant.

Passengers pay for the Star Ferry from Tsim Sha Tsui to Central next to an advertisement for Alipay on December 19, 2024. Photo: Jelly Tse
Banking & finance

Hong Kong to unveil 3 e-banking security measures to combat financial fraud

The HKMA’s ‘E-Banking Security ABC’ measures will enhance online banking security, deputy chief executive Arthur Yuen says.

Tencent

Tencent chases Chinese tourists in Singapore with Sentosa deal

As Chinese travellers return to Southeast Asia, Weixin Pay has struck a partnership with Singapore’s top resort island.

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Hong Kong economy

Editorial | Octopus lands in Japan to delight of HK visitors

After Thailand, South Korea and the mainland, the Hong Kong stored-value card system has added another popular tourist destination to its network.

Hong Kong’s Octopus payment system is continuing to spread outside the city, now making its way to Japan. Photo: Shutterstock
Hong Kong economy

Hong Kong tourists in Japan may soon be able to use Octopus app for payments

Octopus Holdings says it is in talks with different platforms in Japan and aims to collaborate with those that have greater payment coverage.

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Banking & finance

HKMA mandates name-matching for transfers above HK$1,000 to combat scams

Banks have been asked to implement the ‘refined measures’ for instant fund transfers by the end of May.

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Lunar New Year

China’s Lunar New Year spending spree offers hope for consumption boost

Statistics indicate domestic consumption broke several records during this year’s holiday, with lower-end spending seeing the biggest gains.

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China saw a large increase in domestic consumption over the recently concluded Lunar New Year holiday. Photo: Future Publishing via Getty Images
Yuan

Opinion | Trump’s digital dollar ban opens the door for China’s yuan

The US president’s decision to halt CBDC development may inadvertently hasten the de-dollarisation trend, smoothing path for yuan internationalisation.

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China’s app for the digital yuan is seen on a mobile phone next to 100-yuan banknotes. Photo: Reuters
Apps

Alipay bears cost of system error that applied discounts to user transactions

The system error applied a 20 per cent ‘government subsidy’ to an undisclosed number of transactions on Thursday, according to users.

Lunar New Year

Editorial | It is time to make Lunar New Year red lai see packets greener

While it is a tradition to fill red paper envelopes with freshly printed notes, mainland Chinese have shown sustainable digital options can be just as effective.

Banking & finance

HKMA readying FPS for cross-border use by midyear

HKMA and PBOC have been working on syncing the Faster Payment System and the mainland’s Internet Banking Payment System.

Hongkongers will soon be able to use FPS for for daily expenses across the border. Photo: Eugene Lee
Foreigners in China

China’s bid to bring back foreign visitors is bearing fruit, but is it enough?

Visitor numbers are well down on pre-Covid levels despite a string of measures, including the offer of visa-free access.

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Illustration: Lau Ka-kuen
Artificial intelligence

Alipay adds AI image search to enhance ‘super app’ role in rivalry with WeChat

Alipay’s move shows how mobile payment platforms are striving to grow their customer base and engender user loyalty in the AI era.

Crime

US tech consultant found guilty of murder of Cash App founder Bob Lee

Nima Momeni faces 16 years to life in prison for stabbing Lee to death with a knife he took from his sister’s kitchen.

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Ant Group

Jack Ma makes rare speech at Ant Group’s 20th anniversary

The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020.

Jack Ma, founder of Alibaba Group Holding and Ant Group. Photo: Handout
Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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Tencent

Tencent beats estimates with 47% profit jump, driven by video gaming

Video gaming sales, traditionally Tencent’s strongest revenue driver, grew 14% in the domestic market.

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Ant Group

Ant International drives AI in cross-border payments to boost global expansion

The firm’s AI model predicts currency exchange rates on an hourly basis, helping businesses reduce transaction costs.

Ant International’s new AI model for cross-border transactions is expected to strengthen global trade and commerce. Photo: Shutterstock
Ant Group

Ant CEO Eric Jing touts tokenisation benefits for cross-border transactions

Tokenisation is a major focus of FinTech Week this year, in addition to AI, as Web3 in Hong Kong looks beyond ‘speculative’ cryptocurrencies.

Hong Kong FinTech Week 2024 kicked off on Monday with an emphasis on artificial intelligence and tokenisation. Photo: Matt Haldane
E-commerce

Shopping on Taobao via WeChat: Tencent, Alibaba break digital wall

Users of Tencent’s WeChat can now buy and pay for products sold on Alibaba’s Taobao marketplace without leaving the multipurpose app.

Golden week

Chinese tech giants from ByteDance to Meituan see rise in ‘golden week’ spending

Major online platforms for dining and travel-booking services recorded increased expenditure by mainland consumers during the annual holiday.

Tencent

Tencent says WeChat payments jump during China’s ‘golden week’

Consumers in China appear to have loosened their purse strings after Beijing announced a slew of heavyweight measures to boost the economy.

Tourists visiting the Great Wall in Beijing during the “golden week” national holiday. Photo: Reuters
Golden week

Alipay sees surge in travel transactions during China’s ‘golden week’ holiday

During the first four days of the holiday, the number of transactions made via Alipay in overseas markets surged 60 per cent year on year.

Shoppers and tourists line up at a luxury fashion brand store in Hong Kong during the Golden Week holiday. Photo: Edmond So
Ant Group

Ant International teams up with EPL’s Tottenham Hotspur in global expansion push

Singapore-based Ant International will serve as Tottenham Hotspur’s exclusive global payment solutions provider and digital wallet partner.

Tencent

Wave to pay: Tencent brings palm scan to tourists in Macau

WeChat Palm Pay lets mainland tourists pay by scanning their hand in shops located in hotels under the Galaxy Entertainment Group.

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