PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

New Safety Upgrades for Asia Payment Apps

By Sarah Grotta
August 23, 2018
in Analysts Coverage
0
7
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Man holding smart phone with colorful application icons

Man holding smart phone with colorful application icons comming out

Mega payment and P2P apps AliPay and WeChat Pay have launched new fraud and loss prevention capabilities for their respective apps.   This is needed as the users of these apps in Asia have few consumer protections to rely upon when transactions are misdirected or fraudulent.  The new solution requires the user to know or suspect ahead of time that they transaction may not be completely on the up-and-up. An article in CGTN, although a little light on specifics, explains that part of the solution is to slow down these real time transactions in order provide the time for an adequate review:

The Alibaba-backed Alipay’s upgraded system help users get back funds that are mistakenly transferred to the wrong account or if they’ve sent an incorrect amount. Its Chinese rival, Tencent’s WeChat Wallet, already has measures to delay the transfer process to protect users. 

Alipay’s new system also optimizes its anti-fraud mechanism, integrating it with law enforcement databases. For users who suspect that a transfer is fraudulent, they can choose to delay the payment and raise an alert on the platform, thereby freezing the transfer. The money will then be credited back to the user’s account if authorities determine that fraud has been committed. 

Alipay can also flag a transfer that is deemed risky based on the recipient’s transaction history and other behaviors, and notify users to delay the transfer.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

7
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: AliPayAsiaP2PWeChat

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result