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AliPay and WeChat Pay test credit card advances with banks

Tuesday 30 August 2022 08:15 CET | News

China-based digital payments companies Alipay and WeChat Pay have rolled out trials for the usage of credit cards for cash advances.

 

The two platforms have already teamed up with a number of banks to undertake small-scale trials that will enable consumers to obtain cash advances with their credit cards from AliPay and WeChat Pay, instead of via bank ATMs or bank mobile apps.

The move may add another channel of access for banks, and be of benefit to increasing consumer activity as well as transaction volumes. Many Chinese banks already permit customers to use their credit cards to obtain cash withdrawals or electronic cash advances via ATM’s and mobile apps, with the cash advance ceiling usually set at 50% of the total credit quota.

Industry analysts cited by chinabankingnews.com said that this is a new function for Internet platforms and is essentially an ancillary method that can help increase online usage of credit card cash advances, providing both traffic and purchase channels.

Digital payments companies Alipay and WeChat Pay have rolled out trials for the usage of credit cards for cash advances with banks.

 

WeChat and AliPay recently went live in Qatar

The news comes after the two companies have just gone live in Qatar, with the announcement being made by the Qatar National Bank.

QNB already counts for a broad range of payment methods accepted by its merchant network in Qatar and, through the latest integrations, become the first bank in the country to give clients access to these secure local payment methods.

Moreover, the two digital wallets base on QR code payments, which makes them convenient, and easy-to-use payment methods for both merchants and consumers, as Qatar has continuously invested in its nation-wide digitalisation process.


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Keywords: cash, credit card, credit scoring, WeChat Pay, Alipay, banks
Categories: Payments & Commerce
Companies: Alipay, WeChat
Countries: China
This article is part of category

Payments & Commerce

Alipay

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WeChat

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