As commonplace as quick response code scanning may be in China, scams are becoming a problem. Many residents of the Chinese city of Guangzhou fell victim to a fraudulent QR code that scammed them out of millions of dollars. The scam stole an estimated RMB90 million (about US$13.03 million) from unsuspecting smartphone users. The use of quick response codes has become exceptionally commonplace in China. They are used as a part of mobile payments to let people complete transactions at the local convenience store. They are found on product packaging…
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Massive QR code network expansion headed to Paytm in India
The mobile payments company is making a tremendous investment to build an Alipay-like presence. India’s largest mobile wallet, Paytm, announced its intentions to make a very large investment into growing its QR code network. The company intends to spend about $89.6 million to assist merchants to accept mobile payments via quick response code. The company is hoping to use the barcodes to see similar successes to Alipay and WeChat. The reason is that those two Chinese companies have managed to successfully create and execute a QR code network. That said,…
Read MoreTencent reports greater growth thanks to mobile games and other ventures
Company finds more success through a strong mobile focus Tencent, one of China’s largest Internet companies, has released information concerning its performance over the past year. In terms of sales, the company saw a 45% increase in quarterly sales, which is better than it had expected. Tencent is seeing significant growth through its mobile endeavors, especially where payments and gaming are involved. The company is also selling a wealth of content via its mobile platforms, such as WeChat and QQ. Adding rich content to mobile platforms make them more attractive…
Read MoreWeChat is setting its sights on mobile payments in China
Popular messaging app is growing very quickly WeChat, one of China’s most popular messaging applications, is becoming a major player in the mobile payments space. The app accounts for 697 million active monthly users, 200 million of whom began to use the service last year. This gives WeChat access to an abundance of people that may be interested in mobile commerce. The concept of being able to shop, purchase products, and send money to friends and family from a mobile device has become very popular in China and WeChat intends…
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