China’s central bank halts Tencent, Alibaba mobile payment process
Friday, March 14, 2014
China’s central bank demanded on Friday that payments made by scanning a bar code with mobile devices be halted, hitting the payment arms of Internet companies Tencent Holdings Ltd and Alibaba Group Holding.
The People’s Bank of China (PBOC) made its decision amid concerns about the security of verification procedures and asked both companies to provide detailed reports about their products.
The suspension affects the rollout of new virtual credit cards by Tencent and Alibaba as competition intensifies in China’s e-commerce market.