Bank of Lanzhou, 9/04/17
The Bank of Lanzhou now allows customers to withdraw money from ATMs by using Tencent's (0700.HK) WeChat mobile messaging app or Chinese third-party payment processor Alipay to scan an automatically generated QR code.
According to reports, the limit for a single withdrawal using this method will be RMB 5,000, with a cumulative daily limit of RMB 20,000. In addition, this function only supports withdrawal from existing balances on WeChat or Alipay, and accounts that are linked to debit cards. Accounts that are linked to credit cards are not supported by this service.
Alipay is operated by Ant Financial, the financial services affiliate of Alibaba Group (NYSE: BABA).