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In the latest development in China’s mobile payments sector, Tencent Holdings has received instructions from Chinese regulators to reduce the market share of its WeChat mobile payment service. The instructions come just weeks after the launch of Hong Kong’s digital yuan pilot, marking a major shift in the digital currency sector.

Strategic shift in China's mobile payment market
Tencent is facing regulatory pressure to reduce its offline payment market share through QR code payment methods rather than online shopping transactions, according to a report by the Nikkei citing three people familiar with the matter. Although the specific reduction in WeChat Pay's market share has not been disclosed, people familiar with the situation pointed out that WeChat deliberately did not pursue user expansion due to concerns about the risk of becoming too large.

Despite the existence of about 185 non-bank payment institutions, China's mobile payment ecosystem is dominated by WeChat Pay and Alipay, operated by Ant Group. The regulatory push is in line with Beijing's larger ambition to boost wider adoption of a government-backed digital currency, known as the digital yuan or e-yuan. Since its initial launch in 2020, the digital yuan has faced challenges in gaining widespread acceptance, in part due to reservations about its non-interest-bearing nature and limited usefulness. For example, Sammy Lin, a relationship manager at a state-owned bank in Suzhou, said he prefers not to keep his funds in the e-yuan app because there is no interest.

Expanding the digital yuan: Hong Kong’s strategic move and its impact on China’s mobile payments market
The recent regulatory move coincides closely with the launch of the first pilot of the digital yuan outside mainland China, which is now available in Hong Kong. The Hong Kong Monetary Authority said local residents can top up up to 10,000 yuan (about $1,385) to their digital wallets through 17 retail banks, although peer-to-peer transactions are not allowed.

Recent data from consulting firm Analysys underscores the lucrative nature of China’s mobile payments market, with the firm reporting that in the first quarter alone, total mobile transactions through third-party service providers exceeded RMB 92 trillion (about $12 trillion), with QR code transactions accounting for RMB 15.59 trillion of this total.

By reducing WeChat Pay’s market share, the Chinese government aims to provide more opportunities for the digital yuan to establish itself more firmly in the daily financial activities of Chinese citizens, part of a larger strategy to ensure that private tech companies do not outpace state-backed initiatives.

Chinese regulators asked Tencent Holdings to reduce WeChat’s mobile payment market share weeks after Beijing launched a digital yuan pilot. https://t.co/7qQRYo0g3o — Cryptocurrency News (@itscrypto_news) May 31, 2024

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