WeChat Payment, a mobile payment service provided by Tencent Holdings (00700.HK), will launch operations in Hong Kong before the Chinese New Year, the Hong Kong Economic Journal reported Monday, citing sources.
CITIC Bank International and Bank of East Asia (BEA, 00023.HK) are among the first batch of local banks to collaborate with the multimedia giant on the mobile payment service, the report said.
Relaxation of rules last year by the Hong Kong Monetary Authority, allowing peer-to-peer lending via mobile devices, has made it possible for the mobile payment service.
BEA, which launched peer-to-peer services in November, is likely to further expand its services in the market.
Tencent’s new move may shake the leading status of HKT Trust & HKT’s (06823.HK) Tap & Go and domestically nurtured e-purse TNG, China Merchants Securities (HK) Co analyst Hao Yunfan said.
HKT Payment’s senior vice president for product, business development and card operations, Alex Kun, said the company welcomes new competition.
WeChat Payment’s entry into the local market had been expected, he said.
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