Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Amazon Unveils Its First Solar Power Project in China
Xiaomi Increases Investment in IoT Company
Alibaba, Baidu and Xiaomi Dominate China’s Shrinking Smart Speaker Market
TikTok's In-App Revenue Skyrockets During Lockdowns
Food Delivery Giant Meituan’s Sales Beat Estimates
Xiaomi Increases Investment in IoT Company
Amazon Unveils Its First Solar Power Project in China
China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Pandemic Lockdowns Boost Sales on Alibaba, Pinduoduo
Didi to Use AI to Protect Against Covid-19 in Latin America
Nestle to Build Its First Plant-Based Food Factory in China
Alibaba doubles down on smart speakers with $1.41bn investment
Luckin Stock Faces Wipeout in Rush to Sell Before Delisting
Xpeng Wins License to Produce Its Own Long-Range P7 Electric Cars
PUBG and Honor of Kings Are April’s Highest-Earning Games
Weibo Posts Stronger User Growth Even as Revenue Falls Amid Pandemic
Hong Kong Imitation Meat Pork Maker Gets Spammy
Beijing Approves to Test Passenger-Carrying ‘Driverless’ Vehicles
Baidu First-Quarter Revenue Drops 7%, Offset by iQiyi Growth
Sohu Reports Modest Revenue Growth, but Net Losses in First Quarter
Billionaire Jack Ma to Resign from SoftBank Board As Fund Announces Record Losses
China Chipmaker SMIC Raises $2.25 Billion From State-Owned Funds
Is Alipay Eyeing Banks’ Payroll Services?

By Liang Hong, Zhang Yuzhe, Hu Yue and Han Wei / May 15, 2019 02:28 AM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Ant Financial Services Group has quietly launched a new bulk payment function on its mobile app Alipay, sparking speculation that the payment giant is eyeing a challenge to banks’ paycheck services.

The new payment service, called Fabei (发呗), is still in a beta or development version and in trials involving invited users, Ant Financial told Caixin. Neither the launch time nor the name of the new service has been fixed.

Caixin learned that the new function allows users to transfer money to multiple recipients and can help small businesses distribute reimbursements, bonuses or even paychecks to customers or employees. Market observers said the new service will allow Alipay to challenge the corporate paycheck services currently dominated by commercial banks.

An Ant Financial public relations officer said Fabei is not designed for payroll services, although an Alibaba source said the new product is still subject to changes based on feedback from test users.

Market analysts said there are potential opportunities for third-party payment providers to expand into paycheck services as banks often lack the incentives to work with small and microbusinesses, while payment providers are eagerly searching for new business to boost profit.

Related: Chart of the Day: China’s Mobile Payment Transaction Volume Hits $41.51 Trillion in 2018

Share this article
Open WeChat and scan the QR code