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In China, World’s First Online-Payment Clearinghouse Goes Live

By Zhang Yujie and Ling Huawei
Tencent Holding’s Tenpay, which owns Wechat Pay, leads the migration of Chinese third-party payment service providers to the world’s first clearinghouse  for third-party online payments. Photo: Visual China
Tencent Holding’s Tenpay, which owns Wechat Pay, leads the migration of Chinese third-party payment service providers to the world’s first clearinghouse for third-party online payments. Photo: Visual China

(Beijing) — The world’s first clearinghouse dedicated to third-party online payments went live on Friday in China.

Consumers probably do not notice it when they pay for their morning coffee by scanning a QR code on WeChat Pay, but what happens in the next millionth of a second is upending the entire financial system of China — and potentially of the world.

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