Chinese social media large Tencent will scale back transaction charges for small and medium-sized retailers utilizing its WeChat funds system by 10 %, the corporate stated in an announcement on Thursday.

The reductions will apply starting September 1, 2021, and prolong as much as September 30, 2024, the corporate added.

In order to qualify for the discount, retailers should meet classification requirements for small and medium-sized companies by China’s Ministry of Industry and Information Technology.

Tencent may also scale back charges on cash withdrawals from customers’ financial institution accounts, in keeping with the assertion.

The coverage follows comparable strikes from Chinese tech firms this previous week.

On Wednesday, Ele.me, the meals supply service run by e-commerce large Alibaba Group, introduced it might scale back its fee charges for retailers in areas affected by COVID-19.

Before that, rival supply large Meituan additionally stated it might scale back its fee.

The modifications broadly come after authorities launched a wave of regulatory tightening throughout a variety of industries in China, with the buyer web sector a frequent goal.

Regulators final month issued steerage for on-line meals supply platforms to cut back service charges to assist to decrease working prices for catering companies, to be able to promote a sooner restoration from the pandemic within the companies sector.

© Thomson Reuters 2022