![]() ![]() ![]() The Hong Kong government rolled out the first round of consumption vouchers – HK$5,000 for each eligible resident – to boost the local economy amid the Covid-19 pandemic in 2021. HKFP delved into the public data released by the companies, while speaking to young Hongkongers about their views on the apps, to find out how these Chinese platforms managed to succeed in a city where businesses with ties across the border were once boycotted by pro-democracy protesters. If I could participate in the cashless society, I would not have lost about $50.How China's Alipay and WeChat Pay became the most popular e-payment apps in Hong Kong - Hong Kong Free Press HKFP Close Several stores also claimed three of my 100 yuan bills from a New York money exchange were counterfeit. When I finally did get a taxi, the driver gave me a fake 50 yuan bill in change. Because Didi was linked through WeChat, I couldn't use it without a Chinese bank account. Taxis were also nearly impossible to hail in Beijing due to the rise of Didi, a ride-hailing app that bought Uber's China operations in a deal worth $35 billion last summer. After our investigation, we believe this is an isolated case that happened during night shift change, and thus, all cash counters were temporarily closed," a McDonald's China Customer Care Center told me in an email. "Cash is accepted in all McDonald's restaurants across China. As an American visitor without a Chinese bank account, I wasn't able to find a way to use those systems and the store clerk wouldn't take my cash. When I tried to pay at a Beijing McDonald's on a late night, the only payment options were China's Union Pay credit card system, Apple Pay or WeChat Pay and Alipay. Mobile pay is growing so rapidly in mainland China that as a foreigner I sometimes found it difficult to complete basic transactions without it. "High mobile internet and ecommerce penetration, and an underdeveloped traditional financial market will drive growth," Leung said in a Sept. During that time, online wealth management products' assets under management should triple to 6.7 trillion yuan and online loans could also triple to 3.5 trillion, said Elinor Leung, head of Asia Telecom and Internet Research at CLSA. Hong Kong-based research investment company CLSA expects Chinese electronic payments volume to quadruple to 300 trillion yuan by 2021. ![]() ![]() Attractive interest rates of nearly 4 percent or more have turned it into the largest money market fund in the world, with 1.43 trillion yuan ($217 billion) as of the end of June, according to state media reports citing Yu'e bao's manager, Tianhong Asset Management. The app is linked to online money market fund Yu'e bao, encouraging users to invest and spend with Alipay. In professional settings, adding each other on WeChat sometimes replaced business card exchanges.Īlipay, which is owned by Alibaba affiliate Ant Financial Services, has 520 million users, according to its international website. The ubiquitous WeChat messaging app from Chinese technology giant Tencent reached 963 million monthly active users in the second quarter. The growth of mobile pay in China comes off a solid base of smartphone users. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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