New Rule Pries Billions in Revenue from Alibaba, Tencent

New financial rule means Alipay and WeChat Pay will forgo a source of revenue. — CREDIT: Shutterstock

The days of easy interest are over. A Chinese financial regulatory shift is set to wipe billions of renminbi in revenue off the balance sheets of popular mobile payment services like Alibaba-owned Alipay and Tencent-owned WeChat Pay that consumers commonly use to pay for groceries, transportation and other mundane aspects of their daily routines. As…

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