4/26/2023 0 Comments Alibaba wechat pay beijing![]() In July, the Wall Street Journal reported that Alibaba and Tencent were gradually considering opening up their services to each other, such as by introducing Tencent's WeChat Pay to Alibaba's Taobao and Tmall e-commerce marketplaces. Regulators in recent months have cracked down, accusing companies of building monopolies and restricting consumers' choices. And if we’re talking about products like Sesame Credit or Huabei, then they are far younger only 6, 7 years old. Visa processes only about three-quarters of that in total payment volume and is more than 60 years old. ![]() ![]() The companies did not immediately respond to requests for comment.Ĭhina's internet is dominated by a handful of technology giants who have historically blocked links and services by rivals on their platforms, creating what analysts have described as "walled gardens". In just 17 years, Alipay went from zero to 17 trillion in transaction volume, amassing over 700 million users. The move is the latest in a regulatory crackdown spanning industries from tech to entertainment and gaming companies.Ĭompanies that attended the meeting included Alibaba, Tencent, ByteDance, Baidu Inc, Huawei Technologies Co (HWT.UL) and Xiaomi Corp (1810.HK), the newspaper said. WeChat Pay is the most widely accepted form of payment in China next to AliPay, far surpassing cash or cards in popularity and convenience. The ministry said it may have to resort to other measures if the firms did not comply, the newspaper said. In a push to even the playing field and stop monopolistic practices, Chinese regulators ordered Alibaba to adopt Tencents WeChat Pay on its platform. The newspaper, citing unnamed sources, said the Ministry of Industry and Information Technology proposed standards to companies on Friday for instant messaging services, telling them all platforms must be unblocked by a certain time. SHANGHAI, Sept 11 (Reuters) - China's industry ministry has told technology companies including Alibaba Group Ltd (9988.HK) and Tencent Holdings Ltd (0700.HK) to stop blocking each other's website links from their platforms, the 21st Century Business Herald said Saturday.
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