China’s duopoly of Alipay and the online payment service attached to WeChat is getting a new challenge from the travel space.
That’s the news coming from Trip.com Group Ltd., which revealed this week it has acquired a Shanghai-based online payments company. The move makes China’s leading online travel agent the latest of the country’s internet majors seeking to take a slice of the lucrative electronic payments business from the two industry titans.
Trip.com is getting the license by buying a Shanghai-based company named Dongfang Huirong, which held its license since 2011. After awarding several dozen such licenses as part of a financial reform program, the central bank stopped giving them out in 2016. That has made such license holders attractive targets for the likes of Trip.com.
Other big internet companies to recently purchase similar licenses include e-commerce up-and-comer Pinduoduo Inc. and online media unicorn ByteDance Ltd.
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Contact reporter Yang Ge (firstname.lastname@example.org)