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Industry News

August 24, 2017
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Traditional banks aware of threat posed by fintech giants WeChat Pay and Alipay

Traditional banks aware of threat posed by fintech giants WeChat Pay and Alipay For many years, traditional banks have dominated the online payment industry. This was achieved through collaborating with financial services companies such as Visa and Mastercard, which provided these banks with branded payment products for consumers to choose from. In recent years however, the traction gained through novel payment methods made by fintech companies such as Tencent’s WeChat Pay and Alipay have caused banks to rethink their traditional payment modes. During the Rise Conference in Hong Kong, Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase acknowledged the […]
August 21, 2017
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Challenges ahead for businesses to embrace mobile payments in Singapore’s Smart Nation vision – highlighted in PM’s National Day Rally Speech

DBS Bank has started a contactless payment trial with Old Tea Hut, using a phone app called FasTrack. Queuing up time has been cut from 20 to six minutes. Photo: Ernest Chua In late 2014, the Singapore government unveiled plans for Singapore to become a Smart Nation. This entailed harnessing the power of networks, data and info-comm technologies to create economic opportunities and build a closer community. As Singapore ramps up plans to build a Smart Nation, the prospects for mobile payments companies like WeChat Pay, Alipay and Apple Pay appear to be bright. Mobile payments fit into the Smart […]
August 17, 2017
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Mobile payments: China’s cashless revolution

Mobile payments: China’s cashless revolution In an earlier report, we highlighted the case study of a Channelnewsasia reporter who experimented living a day in China without cash. The conclusion of that report is that it is indeed very possible to live in China without any physical cash if you have WeChat Pay or Alipay installed on your smart phone. However, while the facilities are there in place to enable a ‘cashless’ lifestyle, just how prevalent are mobile payments in China? In Q1 2017, Chinese consumers spent 18.8 trillion RMB (S$3.84 trillion) via mobile payments last year. This is nearly 50 […]
August 16, 2017
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WeChat Pay applies for license to offer local payment services in Malaysia

WeChat Pay applies for license to offer local payment services in Malaysia In its latest push to enter international markets, WeChat Pay has applied for a license in Malaysia to offer local payment services. If WeChat Pay’s application is successful, this would symbolize a watershed moment for both Tencent and its WeChat payment app. Although WeChat Pay is currently available in many countries worldwide (including Singapore), overseas users are still unable to pay for goods and services if their WeChat accounts are not linked to a Chinese bank account. Should the Malaysian government accept WeChat Pay’s application, this would mean […]
August 14, 2017
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Alipay vs WeChat Pay – A scramble for overseas markets

Alipay vs WeChat Pay – A scramble for overseas markets We are all too familiar with the ‘David vs Goliath’ allegory. However, where the clash is between two companies controlling more than 92% of an 18.8 trillion yuan (S$3.84 trillion as at time of writing) mobile payments market in Q1 2017, it becomes more of a ‘Goliath vs Goliath’ type of situation. Despite their market dominance, both WeChat Pay and Alipay are not content with the status quo. Instead, they have been increasingly rolling out new measures through dishing out a slew of incentives (e.g. cash rebates and free bus […]
August 10, 2017
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Reaching out to Chinese customers through WeChat: The Success Stories of Two Singaporean Restaurateurs

Reaching out to Chinese customers through WeChat: The Success Stories of Two Singaporean Restaurateurs Having grown up in a predominantly English-speaking environment for most of their lives, and being taught school subjects in English, it is no surprise that most younger Singaporeans have grown accustomed to using English as a medium of communication with those around them. Consequently, it is no secret that many Chinese Singaporeans have become less confident of their abilities in the Chinese language. On the other hand, WeChat is an app that emerged from the Chinese market. Therefore, using WeChat effectively would presumably require a certain […]