The disruption and innovation brought about by Alibaba and Tencent were actively. This would extend the government's crackdown on Tencent and other Chinese. The bigger picture:While not definite, an order to bring WeChat Pay under Tencent’s financial holding company would extend the government’s crackdown on Tencent and other Chinese tech powerhouses. Chinese information technology conglomerates Alibaba and Tencent own or operate dozens of competing online businesses, and yet, their affiliate mobile. two most widely used mobile payment services, Alipay and WeChat Pay. Regulators may force Tencent to add WeChat Pay to its financial holding company. This could open a Pandora's box of unwanted regulatory scrutiny for Tencent. Bringing WeChat Pay under the financial holding company would also give the government access to the mobile wallet’s user data, including transaction information.WeChat is a product of Tencent (one of the technology giants of. But the restructuring might lead to additional steps for consumers that wear away one of WeChat’s biggest advantages: convenience. WeChat (WeiXin in Chinese) is a mobile text and voice messaging app that was released in. QuickPass payment now supports some Tencent services, such as its music and video streaming apps, as. The tie-up enables QuickPass users to make payments by scanning WeChat Pay QR codes offline, and for WeChat Pay users to do the same with QuickPass codes. You can now use the wallet to send WeChat payments to any of your WeChat contacts, though you will need to top up your balance ahead of time because the app. WeChat users may still be able to do all these things with WeChat Pay folded into Tencent’s financial holding company. Tencent’s WeChat Pay announced Thursday that it is now accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay.The mobile wallet provides the transaction infrastructure that lets WeChat users do everything from sending peer-to-peer payments to paying bills and booking flights. WeChat is more than a messaging and social media app it is a lifestyle for over one billion users across the world. Why this matters:WeChat Pay is an integral part of the WeChat super app, which this year is expected to reach 811 million users, accounting for more than half (57.9%) of China’s population, per Insider Intelligence forecasts.
The order would be similar to that of Ant Group, which was asked last year to restructure into a financial holding company to cut what regulators called “improper linkages” between Alipay and Ant Group’s consumer credit offerings.Early indications suggested WeChat Pay would not be included in the financial holding company, but sentiments may have changed: Regulators allegedly don’t think WeChat Pay’s extensive services are covered by the payments license owned by TenPay-the back-end provider of WeChat’s wallet services.
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