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Mobile Payments Process for Tencent and Alibaba comes to a Standstill after Central Bank of China Suspends their Operations

China's mobile payment market recorded $199 Billion in transactions in 2013, according to Beijing-based firm iResearch. On 14th March 2014, China's central bank demanded that payments made by scanning a bar code with smartphones be suspended temporarily. This move struck the payment arms of Internet companies Tencent and Alibaba Group Holding pretty badly. The ban ...

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