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English>>People's Daily Online Exclusives

Chinese payment giants meet problems when going abroad

(People's Daily Online)    13:46, May 26, 2016


As the domestic market for China's third-party payment giants like Alipay and Wechat Payment has matured, overseas markets have become the next logical target. So far the companies have set their sights on Southeast Asia, South Korea and Japan, but because each place has its own supervisory regulations, the organizations have been confronted with many problems while trying to expand overseas.

According to local media reports, the central bank of Thailand warned local business owners to be cautious in using WeChat Payment. Thailand does allow local Thai businesses to use e-payment service platforms provided by foreign companies. However, since many foreign e-payment service platforms are attempting to enter the market through promotional campaigns in Thai tourist destinations, the Thai central bank has warned domestic business owners to be cautious in using these platforms, and to verify their security. 

Previously, Alipay received warnings from a financial supervision department in Taiwan, and the Hong Kong Monetary Authority said they would modify relevant regulations to ensure that new payment systems were subject to full supervision. 

According to analysts, keeping good contact with local supervision authorities and choosing proper local partners will be key to the success of China's third-party payment platforms abroad. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Kong Defang,Bianji)

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