Tencent, which owns popular messaging app WeChat, has backed down in the race to become China’s largest micro payments provider in its ongoing struggle to take the crown from online retail giant Alibaba.
The company’s payment service, WeChat Pay, began charging users in March for transferring funds between the app and traditional bank accounts in order to bring operating losses from the service “under control”, Tencent’s chairman reported.
Formerly the company subsidised the bank transaction fees associated with the transfers rather than passing them on to users, resulting in the social networking group spending Rmb300m (£31.5m) in fees Read full story ›
Source: The Drum
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