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Tencent and state-owned UnionPay to merge QR code systems for mobile payments in China
Currently, merchants have to offer different codes for each payment service.
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Can these lightweight mini programs replace traditional app stores?
The WeChat Pay team has won Tencent’s USD 28.5 million Founders Award.
Beijing is moving more and more of its governmental services online.
The country’s central bank previously asked third-party payment platforms to clear obstacles preventing international tourists to use their mobile payment services.
The integration has been tested with a number of financial services companies including BNP Paribas, Citi, Deutsche Bank, and Goldman Sachs.
On average, a Hongkonger uses a digital wallet two or three times a week, but only one-third in city are classified as heavy users at four to six times a week.
The new “Industry Assistant” is able to gauge a merchant’s effectiveness in its user retention and business marketing.
Mini programs are the current competitive arena for China’s tech giants.