Beijing asks Tencent to lower WeChat's mobile payment market share

Ubiquitous app is in the crosshairs as regulators take aim at tech 'monopolies'

20240531 WeChat payment

A WeChat Pay system. Tencent's app is one of the two main players in China's mobile payments market.   © Reuters

CISSY ZHOU, Nikkei staff writer

HONG KONG -- Tencent Holdings has been asked by China's regulators to lower the mobile payment market share of its ubiquitous WeChat app, three sources briefed on the matter told Nikkei Asia.

The directive is aimed more at the market share for in-person payments made by scanning QR codes than for online shopping, according to the sources.

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