WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters
WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters
Mobile payments

Do fintech giants Alipay and WeChat Pay have monopoly power? China’s new regulation leaves experts guessing

  • A draft regulation from China’s central bank specifies two different markets for assessing the market power of fintech companies
  • Experts say the use of two terms is ‘sowing confusion’ and defining markets should be left to antitrust courts

Topic |   Mobile payments
WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters
WeChat Pay and Alipay QR codes seen at a shop in Beijing on August 6, 2020. The two apps account for more than 90 per cent of China’s mobile payments market, but new rules from China’s central bank specify different markets that could impact whether the companies qualify as monopolies. Photo: Reuters
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