![]() LiCaiTong enlarged its user base, reaching 100 million accumulated users by the end of 2018. WeBank also expanded its loan services to enterprises, serving the financing needs for small and micro businesses customers through WeiYeDai. WeBank, Tencent associated online banking business, achieved rapid growth in the outstanding loan balance of its micro-loan product for consumers, WeiLiDai. LiCaiTong, the wealth management platform, helped manage over 600 billion yuan of customer assets as of the end of 2018. Weixin Pay is now available in 49 markets outside Mainland China, supporting cross-border payment transactions in 16 currencies.īuilding on its payment user base, Tencent offers FinTech services to under-served consumers, conveniently and at low cost. Globally, Tencent is expanding our footprint by supporting China outbound travelers to make cross-border payments in overseas destinations, and it now offers real-time tax refund services for Weixin Pay users in over 80 airports. Tencent launched WeChat Pay Malaysia services in August, offering online transactions such as mobile credit top-ups, flight and bus ticket purchases, and offline transactions at retail outlets, such as supermarkets, fashion and beauty stores. The transaction volume of WeChat Pay Hong Kong increased more than 10 times year-on-year. ![]() Tencent’s cross-border mobile payment service now covers approximately 1 million merchants in Mainland China, including taxi-hailing, food ordering, and highspeed railway ticketing services. In Hong Kong, Tencent launched the first-of-its-kind cross-border mobile payment service in October 2018, which enables WeChat Pay Hong Kong users to conduct RMB-denominated transactions funded by Hong Kong dollars. Tencent boosted its payment penetration in the food and retail industries thanks to features such as Mini Programs and Scan-to-Pay solution in 2018. The payment platform connects with tens of millions of merchants and monthly active merchants increased over 80% year-on-year in the fourth quarter of 2018. The commercial payment revenue more than doubled year-on-year in 2018. ![]() The total daily payment transaction volume exceeded 1 billion for 2018, driven by rapid growth in commercial payments, which represented more than half of the number of transactions. WeChat users grew further to 1.098 billion as of December 2018. It enhanced account management tools for merchants, including cash register, book-keeping, and revenue sharing settlement functions. WeChat Pay launched a new user interface enabling easier access to new features including virtual subsidiary cards for parents and children. In January 2019, Tencent completed the transition to the centralized clearing and settlement system and moved all custodian cash to the accounts of the People’s Bank of China. ![]() In April, antitrust regulators fined Alibaba a record $2.75 billion for anti-competitive behaviour.The increase in Tencent’s revenues in Fintech in 2018 was driven by its take-rate on commercial transactions collected from merchants, cash withdrawal fees and credit card repayment charges collected from users, and the service fees from financial institutions for the distribution of FinTech products such as WeiLiDai and the wealth management products on our LiCaiTong platform. The changes come as authorities continue to tighten regulation in the internet sector. Previously, it had not allowed users to click on links sent via chat to, for instance, product listings from Alibaba's Taobao marketplace. read moreĭays later, Tencent's WeChat messaging app started allowing users to access links to rival platforms. Such practices prevented app users from seamlessly jumping to services between rival companies. Previously, the main way users could make payments on those apps was via Alipay, from Alibaba's financial affiliate Ant Group.Įarlier this month, the Ministry of Industry and Information Technology said it had asked internet companies to end a long-standing practice of blocking each other's links and services on their sites. Local tech blog 36Kr reported on Tuesday that users of Alibaba's food delivery app Ele.me, luxury goods app Kaola and e-book app Shuqi can now purchase goods via WeChat Pay, one of China's most popular online payment options.Īlibaba's used-goods marketplace app Xianyu and supermarket app Freshippo have also applied for WeChat Pay integration, the tech blog said.Īlibaba confirmed the contents of the report to Reuters. SHANGHAI, Sept 28 (Reuters) - China's Alibaba Group Holding Ltd (9988.HK) has begun offering payment services from Tencent Holdings Ltd's (0700.HK) WeChat on a number of its apps, after the government ordered major tech firms to stop blocking each other's services and links.
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