What does Agricultural Bank of China’s Tenpay transaction mean?

It means that the money in the Agricultural Bank of China card was used to make transactions on Tenpay.

The development history of Tenpay:

In May 2011, Tenpay obtained a third-party payment license and became the first batch of companies to obtain a payment license from the central bank.

In August 2013, together with WeChat, WeChat Pay was launched to lay out mobile payment.

During the Spring Festival of 2014, WeChat red envelopes went online. From New Year’s Eve to 16:00 on New Year’s Day, more than 5 million people participated in grabbing red envelopes.

During the 2015 Spring Festival, in cooperation with the CCTV Spring Festival Gala, the total number of WeChat red envelopes sent and received on New Year’s Eve reached 1.01 billion times.

In December 2015, the monthly active accounts of WeChat Pay and QQ Wallet’s mobile payment services increased by more than 7 times year-on-year.

In May 2016, the average daily number of mobile payment transactions on WeChat Pay and QQ Wallet exceeded 500 million.

In December 2016, Tenpay’s monthly active mobile payment accounts and average daily number of payment transactions exceeded 600 million.

In the third quarter of 2017, the scale of Tenpay mobile payment transactions grew rapidly, and the number of monthly offline payment transactions increased by 280% year-on-year.

In December 2017, the number of WeChat payment card-bound users supported by Tenpay exceeded 800 million, and the volume of mobile payment offline commercial transactions more than doubled year-on-year.

In the second quarter of 2018, the monthly active accounts of Tenpay’s payment business exceeded 800 million, and the average daily transaction volume increased by more than 40% year-on-year.

In December 2018, the number of Tenpay transactions exceeded 460 billion.

In September 2019, Tencent Licaitong announced that the operating entity of the Licaitong platform would be transferred from Tenpay to Shanghai Tengfu Financial Information Services Co., Ltd., a wholly-owned subsidiary of Tencent.

In the fourth quarter of 2019, the average daily number of Tenpay commercial payment transactions exceeded 1 billion, the number of monthly active merchants exceeded 50 million, and the number of annual transactions exceeded 550 billion.

On November 9, 2020, Lin Haifeng took over as the legal representative of Tenpay Payment Technology Co., Ltd.

In December 2020, Tenpay was fined 8.77 million yuan by the Shenzhen Central Branch of the Central Bank for violating relevant regulations on payment business.

In the fourth quarter of 2020, Tenpay continued to carry out special governance work on “anti-gambling and anti-fraud”.

In June 2021, Tenpay and Tencent Financial Management jointly launched "anti-fraud dishes" with the Qian Aunt Community Fresh Food Chain Store.

In November 2021, the National Anti-Fraud Center and Tenpay jointly released the "WeChat Moments Public Service Announcement" and launched an anti-fraud animated blockbuster.