Tencent Follows Alibaba; To Slash Transaction Fees For SMEs

Chinese social media firm Tencent Holdings Ltd TCEHY looks to reduce transaction fees for small and medium-sized merchants using its WeChat payments system by 10%, Reuters reports.
The reductions will apply beginning September 1, 2021, and extend to September 30, 2024.
The merchants need to meet China's classification standards for small and medium-sized businesses to qualify for the reduction.
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Tencent will also reduce fees on money withdrawals from users' bank accounts.
On March 2, Alibaba Group Holding Ltd's BABA food delivery service Ele.me declared reducing its commission fees for merchants in areas affected by the pandemic.
In February, Chinese regulators ordered online food delivery platforms to reduce service fees.
Price Action: BABA shares closed lower by 1.55% at $105.43 on Wednesday.