CARDS & PAYMENTS | Staff Reporter, China

Big banks fail to keep up with Chinese fintech giants in mobile payments

The value of third-party payments in China grew more than 74 times from 2010 to 2016.

From CNBC: The giants of the banking world are starting to publicly acknowledge the dominance of mobile payment methods devised by Chinese technology firms – and, more broadly, a failure to keep up with fintech rivals in certain areas. Speaking before a crowd of hundreds at the Rise Conference in Hong Kong last month, Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase, heaped praise on the two Chinese online payment juggernauts, Alibaba Group's Alipay and Tencent's Tenpay. "JPMorgan every year, as we speak, processes through our QuickPay 94 million payments," she said, "But Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour.

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