[vc_row][vc_column][vc_paragraph text=”The people’s Bank of China (PBOC) has called on the country’s main antitrust Agency to study the market dominance of Alipay and WeChat Pay in the payment services sector.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”China’s Central Bank is dissatisfied with payment giants” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to Reuters, the two payment giants have a major share in the non-cash payments market in China. In the third quarter of 2019, about $ 8 trillion was recorded in the Chinese mobile banking sector. Of these, Alipay owns 55%, and wechat Pay owns 39%.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Recognizing the economic consequences of the monopoly, the people’s Bank of China, while fast-tracking the development of its digital yuan, wants a level playing field for all interested parties, despite the large market share it has, since it banned all BTC-related transactions back in October 2019.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The NBK’s call to the country’s antitrust Agency has similarities to a hearing that the American company Big 4 Tech held with The house of representatives antitrust Subcommittee. The grilling session actually led to lawmakers accusing companies including Amazon, Apple, Facebook and Google of using anti-competitive practices to suppress other smaller competing firms.”][/vc_column][/vc_row]
