#Profile tencent china 900b wechat 259bstreetjournal code#

#Profile tencent china 900b wechat 259bstreetjournal code#

His obstacles include existing e-payment technologies that he thinks are “good enough,” including the already existing AliPay and WeChat Pay.Ī QR code for Alipay, an affiliate of the Alibaba Group, in a grocers market in Hong Kong. “Libra is unlikely to succeed since the obstacles it faces are overwhelming,” says Meng Liu, an analyst with Forrester in Beijing.

At least not in a way that would threaten Tencent’s hopes to expand WeChat Pay throughout Asia, where Facebook is popular. That means that Chinese regulators can take their time on whether or not to christen their own cryptocurrency. WeChat Pay owns payment licenses with Chinese regulators, while it is unknown if Facebook will be able to do the same with in different countries. The main difference is that WeChat Pay is Chinese yuan-based, and Libra plans to allow for cross-border payments, making it a bit like a Visa and Mastercard (which have partnered with Facebook on this). By owning the payment transaction and financial data, they can generate even more value and more rapidly expand their payment system to other industries. Like WeChat Pay, Libra can integrate payment features to their entire ecosystems across advertisements, entertainment, social media and e-commerce. Their payment features are all embedded in the dominant social media platform that owns billions of customers. Like WeChat Pay, Libra would allow for person-to-person money transfers, as well as online and in-store payments. or any other payment operator, it's going to be sanctioned by this man first. If there is going to be a cryptocurrency on WeChat. Yi Gang, governor of the People's Bank of China. Some have already compared it to the digital currency version of WeChat Pay and AliPay. The same would hold for AliPay, which has a sizable market share in Japan.įacebook was unsuccessful in the past with a payment system, but their cryptocurrency project is an entirely different animal. It is hard to believe that WeChat, which grew out of copying the social media models of the United States, would straight-jacket itself like that following the Libra news. It is unclear if Tencent was forced to ban the use of cryptocurrency on WeChat, or if they came up with the idea themselves. However, it looks as if the PBoC put the brakes on WeChat developers in May, even considering copying Facebook’s Libra project until regulators got a better handle on regulating it.įacebook opened a Pandora’s Box in China. Both have near-equal market share in China.ĪliPay is part of Alibaba Group’s financial arm, Ant Financial, the world’s largest privately held fintech company.

Alibaba’s Alipay is its biggest rival, though WeChat has the Facebook-like platform. WeChat Pay has been growing strongly in China, as well as overseas, though it is mainly used by Chinese expats and travelers. Tecent’s WeChat Pay, launched in 2013, has over 900 million users, according to the company. WeChat already has a payment system, but its transactions are done in Chinese yuan and through Chinese bank accounts. Mark Zuckerberg wants to create a privately owned monetary system.