Libra poses a serious threat to WeChat and Alipay

Representatives of Tencent said that Libra could be a serious threat to Alipay and WeChat from the Alibaba Group. If the release of the cryptocurrency and its wallet takes place before the end of this year, the Chinese holding will suffer huge losses.

Libra may be dangerous for Chinese payment systems – “Now the situation with the coin from Facebook is not completely clear, since the project has all the problems to remain unreleased. Because of this, many companies are escalating the situation by agreeing with officials about the need to ban Libra. If the situation nevertheless ends with the victory of Facebook in the dispute, payment systems will be in jeopardy. It was not in vain that Visa and other companies decided to leave the project, as they are very afraid of the consequences of its release” – Tencent representatives said.

Tencent’s WeChat messenger is actively used by more than 1 billion users in China and around the world. The payment systems WeChat Pay and Alipay from the Alibaba Group have approximately the same audience, as they are used not only for transfers, but also for payment for goods and services at many sites. If Libra makes an attempt to lure their customers, it will definitely succeed, since Facebook has an audience of 2.4 billion users.

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Alipay intends to block any payments that will be made with Bitcoin or other cryptocurrencies. Such measures are not related to the launch of Libra, but company representatives say that they intend is not only to not weaken the opposition to digital assets in the future, but also to strengthen the payment system.

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