Nov 11 deals to coast on NetsUnion tech

NetsUnion Clearing Corp, China's newly established clearing house for online payments supervised by the People's Bank of China, will clear half of the transactions that are expected to be made during the upcoming Nov 11 Singles Day shopping festival.

The move comes as a blow to Alibaba-owned Alipay, which had hitherto cleared most of the transactions during the shopping extravaganza.

China's central bank had decided to set up the nationwide clearing house for online payment services to protect consumers and the financial system from the mushrooming internet-enabled model of finance that currently accounts for over 3 percent of the country's non-cash payments.