#Tencent wechat pay 800m full
The newcomer "Licaitong", which literally means a wealth management facility, serves as a spear for Internet giant Tencent, which wants to do full justice to its popular instant mess aging smartphone app, Wechat, and gain a foothold in China's increasingly competitive Internet finance sector.
Tencent's Wechat users transferred more than 800 million yuan to the app's wealth management platform, "Licaitong" on Jan 22, the day it was launched, Morning Express reported Thursday. Harrison graduated from Tufts University in 2012 with a bachelor's degree in history, English literature, and communications and media studies.Tencent's Wechat users transferred more than 800 million yuan to the app's wealth management platform, "Lica itong" on Jan 22. He was previously a deputy editor overseeing Business Insider's news, politics, military and defense, and sports teams. He used a combination of text, photography, and video to cover everything from an extraordinary attempt at police reform in New York's capital and the election of a groundbreaking progressive district attorney in Philadelphia to the consequences and causes of and solutions to the opioid crisis. and a terrorist, and hung out with Sean Miyashiro, the enigmatic founder of one of the hottest companies in hip-hop, and followed the United Arab Emirates' top falcon trainers, among other stories. In 20, he covered the deleterious effects of ride-hailing apps on centuries-old traditions in Bali, discovered growing pains at one of China's most hyped tech startups, followed the Arab leader in Israel likened to both Martin Luther King, Jr.
Harrison was Business Insider's first international correspondent, covering global issues, international technology industries, and travel from both a budget and a luxury perspective. But the battle for who will dominate the mobile payments industry is only just starting to heat up. In terms of market share, Alipay has 54% compared to 40% for WeChat Pay, according to iResearch Consulting Group. Both companies are beginning to introduce other financial products, such as loans and money market funds, as well. The consumer data from payments is used to build detailed profiles of each user, which can then be monetized for marketing purposes directly within their apps in ways that even Facebook and Google would salivate over.įor example, that baby formula that you bought from the convenience store is telling Taobao to start sending you ads and promotions for other infant products to buy directly in the Taobao app.įurther, both Tencent and Alibaba have credit scoring businesses - Tencent Credit and Zhima Credit, respectively - that heavily factor payment histories into their scores. WeChat and Taobao, Alibaba's primary app, both serve a variety of functions from messaging, social networking, and e-commerce to taxi-hailing, bike-sharing and travel booking. At the gate of the city's ancient walls, I happened upon a group of Chinese students gathered to listen to a few musicians sing on a Saturday night. The depth to which the payment method has become part of daily life was driven home for me on a recent visit to the city of Xi'an, a city of 13 million in northwestern China. Tencent and Alibaba's competing mobile payment apps - WeChat Pay and AliPay, respectively - are used by just about everyone in China, from fancy restaurants and high-end designer boutiques down to street vendors, taxi drivers, and even panhandlers. Meanwhile, the US saw $112 billion in mobile payments in 2016, according to a Forrester Research estimate. Mobile payments totaled $9 trillion in 2016, according to iResearch Consulting Group. Over the last 15 years, mobile payments in China have grown into a $16 trillion market dominated by China's two biggest tech giants - Tencent and Alibaba. Paying with your phone isn't a novelty in China these days.
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