Though state-backed China UnionPay currently dominates China’s payment market, Ant Financial Services President Eric Jing says Alipay (and consumers embracing mobile payments) is diverting billions in fees away from UnionPay. As Financial Times reported late last week, Ant Financial’s online payments unit, Alipay, is able...
Chinese consumers loves their mobile phones. Nearly 90 percent of them have one. And they love mobile payments on those phones, too. Total mobile transactions were up more than 60 percent last year in China and the volume driven by mobile on Alibaba’s Singles’ Day...
Huawei Technologies, the Chinese handset giant, has been taking steps to push its mobile payment service even further into that country, which means that the field is getting a bit more crowded for Apple Pay — right where the largest smartphone market in the world resides,...
Visa has struck a new deal with China UnionPay through a memorandum of understanding to collaborate on three key areas in the financial ecosystem: payments security, innovation and financial inclusion. The deal, which was signed by Shi Wenchao, President of China UnionPay, and Visa CEO Charlie...
January 23, 2020
This week, global luxury brands have seen their stock prices take a sharp hit as reports emerge that a coronavirus with origins in China’s Wuhan region is spreading rapidly and has made its first appearance on U.S. shores. Burberry, LVMH, Richemont and Gucci owner Kering had all seen their shares fall by between 1.9 percent and […]
August 01, 2016
Though state-backed China UnionPay currently dominates China’s payment market, Ant Financial Services President Eric Jing says Alipay (and consumers embracing mobile payments) is diverting billions in fees away from UnionPay. As Financial Times reported late last week, Ant Financial’s online payments unit, Alipay, is able to bypass UnionPay’s network when mobile payments are processed to […]
March 23, 2016
Huawei Technologies, the Chinese handset giant, has been taking steps to push its mobile payment service even further into that country, which means that the field is getting a bit...
November 26, 2014
China UnionPay, the country’s only payment card provider, is working on an Android payment app to join the Apple Pay implementation that UnionPay is expected to launch in early 2015,...
