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Alipay and WeChat Pay say they have opened up their vast ecosystems to foreigners, but access to functions is limited, Business reporter Louise Moon finds. Cash is no longer king, as life runs through screens and mobile payments platforms.
Beijing Inspiry Technology Co is among companies cashing in on the shift to smartphone-based mobile payments in China.
The Chinese tradition of giving gifts of money in red envelopes at Lunar New Year has turned into big business for Web giants Alibaba and Tencent, which now both offer electronic hong bao.
China will limit the amount of money consumers can transfer to third-party online payment platforms, aiming to protect banks and consumers from fraud amid an explosion of online and mobile payment transactions.
The payment affiliate of Alibaba Group Holding Co, China's biggest e-commerce company, said on Saturday it completed more mobile payment transactions in 2013 than US-based PayPal and Square Inc combined.