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China opens mobile payment market to foreign companies

China opens mobile payment market to foreign companies


The People's Bank of China has opened the country's mobile payment market to foreign companies in a move intended to encourage innovation and competition, according to a report in Securities Daily. 

The move by the central bank means that foreign companies can apply for a license to offer payment services in China. Foreign players in China's mobile payment market will be required to keep personal information and payment details within China's borders. 

A number of foreign payment companies, such as Paypal, have previously established ties with partners in China, but they have been limited to providing cross-border payment services to citizens of China. 

The move is an expansion of a market dominated by domestic payment giants Alibaba and Tencent, which make up 93% of the market. There are currently 243 mobile payment companies operating in China.

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