Home Jersey finance news AliPay and WeChat Pay test credit card advances with banks

AliPay and WeChat Pay test credit card advances with banks

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China-based digital payment companies Alipay and Pay WeChat have rolled out trials for the use of credit cards for cash advances.

The two platforms have already partnered with a number of banks to undertake small-scale trials that will allow consumers to get cash advances with their credit cards from AliPay and WeChat Pay, rather than through ATMs. ATMs or mobile banking apps.

This move may add another channel of access for banks and be beneficial in increasing consumer activity as well as transaction volumes. Many Chinese banks already allow customers to use their credit cards for cash withdrawals or electronic cash advances through ATMs and mobile apps, with the cash advance cap typically set at 50% of the total credit quota.

Industry analysts quoted by chinabankingnews.com said that this is a new function for internet platforms, and it is basically an auxiliary method that can help increase usage by online credit card cash advances, providing both traffic and purchase channels.

WeChat and AliPay recently went live in Qatar

The news comes after the two companies have just been commissioned in Qatar, with the announcement being made by the Qatar National Bank.

QNB already accounts for a wide range of payment methods accepted by its merchant network in Qatar and, thanks to the latest integrations, becomes the first bank in the country to give customers access to these secure local payment methods.

Additionally, both digital wallets are based on QR code payments, making them convenient and easy-to-use payment methods for merchants and consumers alike, as Qatar has continuously invested in its scale digitalization process. national.