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China’s central bank halts use of QR codes and virtual credit cards, hitting Alibaba and Tencent
Mar14
China’s central bank has issued orders to put a stop to QR codes and virtual credit cards in the country, Reuters reports. This move is bound to derail the plans of Chinese Internet giants Alibaba and Tencent, which have been actively boosting their mobile payments ecosystem via such initiatives. The announcement follows hot on the heels of both firms announcing that they would roll out virtual credit cards next week, seeking to make it easier for their customers to shop online without being burdened by a lack of short-term funds. This would no doubt have alarmed authorities, given that the credit approval…
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