Ron Burgundy Posted March 14, 2014 Share Posted March 14, 2014 By Hongmei Zhao and Heng Xie HONG KONG/BEIJING (Reuters) - China's central bank demanded on Friday that payments made by scanning a bar code with mobile devices be halted, hitting the payment arms of Internet companies Tencent Holdings Ltd and Alibaba Group Holding, amid concerns over the security of their verification procedures. The move is the latest in a series of clashes between China's finance sector and Chinese Internet companies, which have pushed into the banks' territory by ramping up their own financial services, offering online payment services and wealth management products. Tencent, China's largest listed Internet company, and e-commerce firm Alibaba confirmed to Reuters that they had received a notice from the People's Bank of China (PBOC) about the move. View the full article Quote Link to comment Share on other sites More sharing options...
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