China UnionPay rolls out cash incentives on integrated payment app, ramping up battle with Alibaba and Tencent

China UnionPay is ramping up the marketing on its recently released integrated mobile app, in an attempt to make inroads into a sector dominated by third-party payment services backed by Alibaba Group Holding and Tencent Holdings. Under a promotional campaign that winds down on March 2, participants who download and use the QuickPass app to … More China UnionPay rolls out cash incentives on integrated payment app, ramping up battle with Alibaba and Tencent

New Anti-corruption $15,000 Withdrawal Cap Could Benefit Tourism Stakeholders

The Chinese government has instituted a new annual limit on the amount of money that can be withdrawn from personal Chinese bank accounts overseas, set at $15,000 (100,000 yuan). The move is an attempt to curb money laundering, terrorism financing, and tax evasion. In the past, anti-corruption policies have caused substantial damage to both the … More New Anti-corruption $15,000 Withdrawal Cap Could Benefit Tourism Stakeholders

“Unattended Retail” – lost gem or the future?

Everyone remembers the old vending machines in restaurants, gas stations and public venues. Now you can find them also in retail, sometimes even in unmanned retail. However, it’s not anything new. I remember visited Rivender‘s unmanned store even in Forssa, Finland (Read my tweet here) a while ago. In South Korea they are part of … More “Unattended Retail” – lost gem or the future?

UnionPay Reaches Full Market Penetration in the United States & Canada

Payment-wise, it has never been a better time to be a Chinese tourist visiting the United States and Canada, at least according to UnionPay. Market penetration in the United States has now passed 80 percent among merchants, with withdrawals allowed at virtually any ATM across all 50 states. In Canada, UnionPay cards are now accepted … More UnionPay Reaches Full Market Penetration in the United States & Canada

Facebook readies tests of P2P payments, breaking news tag

It’s too early to tell whether Facebook’s breaking news tag and red envelope features will become part of its social networking functionality. The company already offers free P2P payments in its Messenger chat app, but not on its main website or mobile app. Allowing users to make payments in the main app would give them … More Facebook readies tests of P2P payments, breaking news tag

Jack Ma says no Ant Financial IPO anytime soon

Jack Ma has put a halt to years of rumors about an imminent IPO for Alibaba’s payments arm, Ant Financial. Speaking in front of media on Saturday, the billionaire Alibaba founder said that there’s no timeline for when Ant Financial will list, and they will only consider the IPO route – ie: the possibility of … More Jack Ma says no Ant Financial IPO anytime soon

India’s top payments app punches back at WhatsApp

Following recent incursions by Silicon Valley giants, India’s top payments app is fighting back. Paytm, with 230 million registered users across the nation, is now rolling out messaging to combat WhatsApp’s upcoming send-money-to-your-buddy feature, which will make its global debut in the fast-growing Indian market. WhatsApp’s cash transfers are set to launch in December. Read … More India’s top payments app punches back at WhatsApp

Cash is back in India with the interoperability of mobile wallets

Mobile wallets have made life more comfortable. But what could make them better would be the ability to transfer money from one mobile wallet to another (i.e. interoperability). Mobile wallets are just one of the several prepaid payment instruments (PPIs) available in India. PPIs enable the purchase of products, facilities, financial services, payment facilities, Read … More Cash is back in India with the interoperability of mobile wallets