The Business Times
business-time-50
SUBSCRIBERS

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

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

google-preferred-sourceAdd BT as a preferred source
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

    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!”

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    China tech sectorAnt GroupTencentAsean BusinessAseanSpotlight

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    “Deposit growth should be at the high (to) higher single-digit range,” says DBS CEO Tan Su Shan.

    DBS CEO Tan Su Shan strikes upbeat tone on deposits, wealth growth after strong Q1

    Artificial intelligence is taking over many tasks, while young people find it difficult to hold their jobs.

    How China’s young workers are securing their future even as AI disrupts job market, triggers pay cuts

    The fourth Amity Circle retreat was hosted by Temasek Foundation from Apr 8 to 10 in Hanoi.

    Middle East-linked energy supply shocks put Asean Power Grid back in focus

    Sunway Group's founder and chairman Jeffrey Cheah says international expansion will increasingly be driven by the next generation.

    Malaysia’s 8th richest man Jeffrey Cheah wants Sunway business to last 10 generations

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More