China's regulators have asked Tencent Holdings to reduce the market share of its WeChat app in the mobile payment sector, particularly for in-person payments using QR codes. While no specific target was mentioned, Tencent is reportedly cautious about expanding further. In China's cashless society, the mobile payment market is mainly dominated by WeChat Pay and Alipay, despite the presence of around 185 non-bank payment institutions. Estimates suggest WeChat holds a market share advantage over Alipay, with a higher transaction volume due to numerous small-value transactions. WeChat remains highly popular, even among older users in remote areas, and had 1.36 billion monthly active users as of March. https://asia.nikkei.com/B.. #Expats in China #Only In China 🇨🇳