Tencent’s Lingqiantong, similar to Alibaba’s Yu'e Bao, was released in beta version last Friday, inviting users to test the platform’s functions. The new features – which allow users to earn interest from their balance as well as transfer payments to pay bills, send virtual red packets and pay off credit card debts – were rolled out on a test basis to a small pool of users in September last year.
The move is seen as an attempt by WeChat Pay to catch up with Alipay, which operates the world biggest money-fund market Yu'e Bao and is the country’s third-party payments provider.
Tencent last week posted better-than-expected US$3.4 billion third quarter profit on social advertising and investment gains, which helped offset slower growth in its games segment which has faced uncertainly due to government regulation.
Source: South China morning Post
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