Off the wire
• China says THAAD deployment in ROK to undermine global stability  • Road accident kills 6 in NE China  • Central bank pumps more money into market  • China's crude oil stockpile down 3.65 pct  • Chinese shares tumble Thursday  • UN chief urges stability in Great Lakes region to boost development  • Singapore stocks close 0.63 pct lower  • Boko Haram insurgency disrputs HIV/AIDS control in Nigerian state: official  • Ban Ki-moon declares "zero tolerance" to sexual abuse by UN troops  • Sri Lanka's former army chief sworn in as minister  
You are here: 　 Home

China's major banks scrap charges on mobile transfers

Xinhua, February 25, 2016 Adjust font size:

China's five biggest commercial banks announced on Thursday that they will no longer charge fees on domestic yuan transfers through cellphone, including inter-bank transactions.

Effective as of Thursday, fees will also be scrapped on domestic yuan transfers through the Internet as long as the transaction is under 5,000 yuan (765 U.S. dollars), according to a joint statement by Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications.

The move comes as traditional banks are facing growing competition from Internet companies in the crowded mobile payment market.

WeChat, a popular messaging and social app owned by Chinese Internet giant Tencent, offers free peer-to-peer transfers through its platform.

The five banks will also speed up categorizing its existing accounts to offer differentiated online services. Endit