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In a digital crackdown, China will target Alipay, the world’s largest payment app

September 14, 2021
Source: thedigitalhacker.com thedigitalhacker.com
News Snapshot:
As the governing Communist Party seeks to reign in the “unruly growth” of the internet titans, Chinese officials have demanded major adjustments to Alipay, the country’s largest payment app. The Financial Times reported Monday that Alipay, which has over one billion users in China and other Asian countries like India, has been instructed to split off its successful micro-lending business. Currently, customers may pay using a standard credit card connected to their bank or take out modest unsecured loans to buy anything from toilet paper to computers. “The government believes big tech’s monopoly power comes from their control of data,”...
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