China: investigation of anti-competitive practices against Alipay and WeChat Pay

In this last week, technology companies have been questioned about their business practices. In the first instance, in the United States Congress cited the four largest technology companies to question them for allegedly crushing their competitors.

Now according to ReutersThe Central Bank of China is seeking to launch an investigation against Alipay and WeChat Pay, arguing that the digital payment giants have used their dominant positions to drown their competitors.

In this way, the State Antimonopoly Council has started to collect information about Alipay, which belongs to the Alibaba holding, while WeChat Pay is from the Tencent holding. The council has yet to issue a decision, and the source has not yet estimated when a decision will be issued. On the other hand, according to a Reuters source, the bank is taking this investigation very seriously.

On the other hand, if the Antimonopoly Committee decides to start the investigation, this would mark a change for regulators. In this case, the Alipay and WeChat Pay services allow payments just by scanning a code, something that has become typical in modern life in China, in which very few people continue to use cash. Proof of this is that this market has processed close to eight trillion dollars in transactions in the last three months of 2019.

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Elijah Casanova
Last year law student at the Universidad del Pacífico. With an interest in blockchain technology, business and administrative law.

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