23 August 2019

Alibaba QR code payments gaining currency, paper says

Almost 20,000 convenience stores are now allowing consumers to pay through Alibaba Group’s quick response (QR) code payment service, Information Economics Daily reported Tuesday, citing a company source. The QR code payment service, launched in December last year, has also expanded to cover many cinemas, restaurants, and large department store chain operators such as Beijing Wangfujing Department Store (600859.CN), Intime Retail (Group) Co. Ltd. (01833.HK), New World Department Store China Ltd. (00825.HK), among others, the report said. Two weeks ago, the People’s Bank of China (PBoC) ordered a halt in the use of QR code payment and virtual credit cards provided by China CITIC Bank Corp. Ltd. (00998.HK), Alibaba Group’s Alipay and Tencent Holdings’ (00700.HK) Tenpay.

– Contact HKEJ at [email protected]


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