An illicit business that has become a lifeline to many of Alipay and WeChat Pay's smaller peers has again caught the attention of regulators for contributing to China's ballooning credit card debt, a worsening problem amid the COVID-19 pandemic.
Caixin
China's credit card debt fueled by shady business practice
'Cash-out service' lets small payment processors survive under shadow of Alipay
The performance of third-party payment processors shows that "cash-out services" are a significant source of financing for individuals and businesses during the pandemic. (Photo by Caixin)
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