Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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.

LATEST
China Unicom Revenue Growth Accelerates Even as Subscribers Fall
Trending in China: Is Education To Blame For China’s Falling Fertility Rate?
Trending in China: Winning Fewer Games and More Battles? PLA Ends Sporting Tradition
China Calls Time on Chipmakers With No Experience, No Technology and No Talent
Alibaba-Backed Lender in Credit Frenzy for ‘Double Eleven’ Shopping Fest
Intel Plays It Safe in Selling China-Centered Memory Outfit to Non-Chinese Buyer
Chinese Muji Lookalike Opens Its First Store in Paris
VW partner Hino to make electric trucks and buses with China's BYD
Pakistan Lifts TikTok Ban and the Fans Come Running Back
SBCVC-Backed Dingdang Kuaiyao Nets $150m in Series B+ Round
Dao Foods Taps Alternative Protein Space, to Back Up to 30 Chinese Startups in 3 years
Trending in China: China’s Fight Against Child Sex Crimes – Good in Theory But Will It Work in Practice?
‘Honor of Kings’ Reclaims Crown as World’s Highest-Earning Mobile Game, Besting PUBG
Tesla Rival Xpeng Produces 10,000th P7 Electric Car at Wholly-Owned Plant
Top Lawmakers Slam Draft Facial Recognition Laws as Vague and Open to Abuse
Swiss Watch Exports Decline, Leaving Industry More China-Reliant
Alibaba Blends Brick-and-Mortar, Online Grocery Shopping With $3.6 Billion Investment
China’s Mobile Tower Giant Reports Modest Revenue Growth
Jack Ma Tops Hurun China Rich List With $58.8 Billion Fortune
Active Coronavirus Samples Found on Frozen Food Packaging for First Time
Watch Out Alipay and WeChat, Trip.com Is Getting Into Online Payments

By Yang Ge / Sep 30, 2020 01:47 PM / Business & Tech

Photo: IC

Photo: IC

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.

To read the full story, click here.

Contact reporter Yang Ge (geyang@caixin.com)


Share this article
Open WeChat and scan the QR code