The People’s Bank of China found Tencent’s WeChat Pay had allowed the transfer of funds for illicit. Tencent Holdings Ltd announced on Thursday that it now supports digital yuan payment through its proprietary mobile wallet WeChat Pay. Considering its thriving e-commerce and gaming business, Tencent would very likely keep its dominant position in China's internet industry. reported it faces a record fine for violating Chinese anti-money laundering regulations.
The all-encompassing app is the flagship product of Tencent, China’s 450-billion market cap gaming and social. Tencent -owned WeChat, China’s largest messaging app and one of the country’s biggest payment services, will begin supporting the country’s sovereign digital currency. Its partnership with Nintendo since 2019 has further extended Tencent's home entertainment offerings in the Chinese console market. For many people in China, WeChat is the internet. With ownership stakes in Riot Games, Epic Games, and a few game developers and publishers, Tencent has climbed to the top of the ladder in gaming. In the end of 2022, WeChat’s monthly active user base surpassed 1.3 billion.Īpart from e-commerce business, the tech behemoth has made its foray into the world of online video, digital music, e-reading, and video games. As it turns out, Tencent, the company that owns the payment system WeChat Pay, has been testing out palm-print payment devices in the country for months, according to social media posts. This is one of the reasons why the age distribution of WeChat users spread quite evenly in China. In fact, it is a common practice to pay with WeChat by scanning QR codes in brick-and-mortar stores.
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From hospital registration and taxi calling to movie ticket booking and holiday planning, it is the super app for everything. The success formula of WeChat was its one-stop solution, making it indispensable in daily life in China. Users in 23 cities across China, including Shanghai, Beijing, and Shenzhen, can now pay for goods and services with the e-CNY. Other important revenue streams include digital content, membership subscriptions, and virtual goods sales.Īnother clever move of Tencent was to diversify its products. Unlike its West social network counterparts, the enterprise’s major earning came from value-added services, about a third of which was generated by online games. While Facebook’s business relied on advertising heavily, online advertising accounted for less than one-fifth of Tencent’s annual revenue. HONG KONGChinese technology giant Tencent Holdings Ltd.
Tencent adopted a counter-intuitive approach in building its empire – increasing customer reach before app monetization.
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