This post was submitted by our contributor Kathy Yang, who was a former project engineer at Advanced Semiconductor Engineering Group. She’s interested in Web and mobile products, with hundreds of articles introducing Silicon Valley products/services published on QQ.com, the Tencent portal. Now she is introducing Chinese technological progress and development to the rest of the world.
The People’s Bank of China（China’s central bank）has finally granted licenses to the first batch of 27 third-party online payment services on May 26, allowing them to continuously run online payment services, while 5 other applicants (including Union Mobile Pay and Fuiou) were rejected.
The lucky ones includes Alipay(a unit of Alibaba Group which owns the largest Chinese B2C platform Alibaba.com), Tencent’s Tenpay, 99bill.com and Shenpay(owned by Shanda).
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