WeChat Pay & Alipay allow overseas users to use international cards
Category: #health  By Pankaj Singh  Date: 2019-11-08
  • share
  • Twitter
  • Facebook
  • LinkedIn

WeChat Pay & Alipay allow overseas users to use international cards

On the foundation of the popular digital payment services, China is moving towards a cashless economy. In a bid to offer ease to international users, Chinese mobile payment giants WeChat Pay and Alipay have recently started allowing foreigners to link their accounts with international bank cards, further supporting international payment firms like Mastercard and Visa.

According to reports, this move would allow overseas users to pay numerous Chinese merchants like China Railway 12306 online tickets service, e-commerce site JD.com, ride-hailing service Didi, food delivery service platform Meituan, online travel agent Ctrip, among many others.

Commenting on this, WeChat Pay parent Tencent said that the inconvenience of using local mobile payments has become a vital pain point for international users living in or visiting mainland China. The company claims that, in recent years, there has been a rise in international visitors who are traveling to mainland China, while some have chosen to stay and work here.

Moreover, with this move, Tencent intends to facilitate the growth of digital transactions in the future, under the supervision of the relevant regulatory bodies and policies. Reportedly, both WeChat Pay as well as Alipay will enable users to link international cards by MasterCard, American Express, VISA, Discover Global Network and JCB to their accounts.

Meanwhile, U.S digital payment company, Visa Inc. claims that their cardholders, following this move, would be able to use Visa Card across China where WeChat Pay is accepted. Visa hopes this to be a great step forward, for both consumers travelling to China as well as the overall payments industry.

According to credible reports, in 2018, China had received around 30.5 million foreign visitors, an increase of 4.7% from 2017. Mobile payment transactions meanwhile had reached a record S$15.7 trillion in 2017, claims the Ministry of Industry and Information Technology. Also, WeChat Pay and Alipay are said to account for around 96% of the China's mobile payment market.
 

Source Credit - https://in.reuters.com/article/uk-china-payments/china-mobile-payment-giants-alipay-wechat-open-to-international-cards-idINKBN1XG1FN



About Author

Pankaj Singh

Email: [email protected]   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More News By Pankaj Singh

Amazon to open new fulfillment center with 500 jobs in Coweta County
Amazon to open new fulfillment center with 500 jobs in Coweta County
By Pankaj Singh

Brian Kemp, the 83rd Governor of Georgia, has recently announced that Amazon will be launching a new fulfillment center in Newman, adding 500 full-time jobs at the new facility in Coweta County. Employees in...

Payless emerges from Chapter 11 bankruptcy to reopen U.S. stores
Payless emerges from Chapter 11 bankruptcy to reopen U.S. stores
By Pankaj Singh

Payless ShoeSource has emerged from Chapter 11 bankruptcy for the second time and is planning a comeback after the closure of Brookville distribution center and retail stores in 2019. The company is currently focusing ...

Amazon puts an end to FedEx Ground ban for third-party Prime shipments
Amazon puts an end to FedEx Ground ban for third-party Prime shipments
By Pankaj Singh

Amazon, a leading company in the e-Commerce sector, has recently decided to lift its shipping ban on FedEx Ground deliveries for third-party Prime deliveries. Under the new agreement, third-party sellers will have acce...