25 August 2019

Govt aims to separate internet, offline payments, paper says

Security concern may not be the only reason why Chinese regulators ordered last Thursday to halt the payment services of Tencent’s Tenpay and Alibaba Group’s Alipay under which customers could make payments by scanning a barcode with their smartphones, the Shanghai Securities News reported Tuesday. It cited sources as saying that authorities are looking to clearly separate the internet payment and offline payment segments. The central bank’s philosophy is to not let any particular company leverage some technological edge, or customer base or market advantage to connect the different payment services, the report said.

– Contact HKEJ at [email protected]


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