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Ant, Tencent ride tourism recovery to capture cross-border payments

Both players have different strategies, in line with their competitive edge

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Yong Jun Yuan
Sharanya Pillai

Yong Jun Yuan &

Sharanya Pillai

Published Wed, Oct 11, 2023 · 07:35 PM
    • Banners promoting the payment apps of Ant and Tencent compete for tourists' attention at Hangzhou's international airport.
    • Aunty Wu, a street food vendor in Hangzhou, sports the Alipay+ QR code at her storefront. This allows her to receive payments directly from participating foreign bank apps and e-wallets.
    • Banners promoting the payment apps of Ant and Tencent compete for tourists' attention at Hangzhou's international airport. PHOTO: SHARANYA PILLAI, BT
    • Aunty Wu, a street food vendor in Hangzhou, sports the Alipay+ QR code at her storefront. This allows her to receive payments directly from participating foreign bank apps and e-wallets. PHOTO: SHARANYA PILLAI, BT

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    TOURISTS landing in Hangzhou for the recent Asian Games were greeted with huge banners of China’s two biggest fintech rivals.

    A banner by Ant Group, stretched across the airport’s walls, urged tourists to “pay smart” in the city, using the Alipay app or even their home e-wallets.

    Not to be outdone, Tencent had bright green posters wrapped around the pillars, declaring: “Pay like a local with Weixin Pay!”

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    China tech sectorAnt GroupTencentAsean BusinessAseanSpotlight

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