“Libra could be a threat to Alipay and WeChat Pay”

The Chinese Internet giant and owner of the popular instant messenger WeChat Tencent believes that the launch of the Libra project can pose a serious threat to Alipay and WeChat Pay payment systems.

Representatives of Tencent noted that the move on Facebook looks “cool and radical,” but also “prudent and rational.” Stablecoin Libra can quickly conquer a significant part of the market, especially in countries with developing economies where citizens have limited access to banking services.

“Any Internet company with a well-developed digital payment system, such as WeChat Pay or Alipay, will be threatened by stablecoin. The launch of Libra will significantly affect the development of digital payment companies, especially those that are not part of the Libra consortium, ”Tencent said in a statement.

Note that WeChat Pay and Alipay oppose the use of their services for working with cryptocurrencies. Recently it became known that Alipay will block all transactions related to the trading of bitcoin and other cryptocurrencies.

Earlier, the Chinese Internet giant Tencent announced a partnership with local health insurance company Waterdrop to develop new blockchain-based solutions.