Chinese Authorities Halt Virtual Credit Card Payments; Tencent, Yahoo Crashing

Tyler Durden's picture

The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and "face-to-face" payment services such as QR code payment:

  • *PBOC HALTS QR CODE PAYMENT: 21ST HERALD
  • *PBOC HALTS VIRTUAL CREDIT CARDS BY ALIPAY, TENCENT: 21ST HERALD

Tencent is down over 5%, China CITIC is crushed, and Yahoo was dumped in morning trading in Japan (on the back of Alibaba's Alipay service being affected).

 

21st Century Business Herald reports:

March 13, the central bank issued an urgent document halt Alipay, Tencent's virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

21st Century Network 21 has learned that on March 13, the central bank issued an urgent document halt Alipay, Tencent's virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

 

Tencent is tumbling (and it appears perhaps a few people knew earlier in the week)...

China CITIC is down hard...

 

and Yahoo (trading in Japan) was flushed on massive volume at the open...