WeChat Pay chiefs unveil global expansion strategy - Mobile World Live

WeChat Pay chiefs unveil global expansion strategy

22 MAR 2019

Tencent’s WeChat Pay laid out plans to extend the number of markets where Chinese nationals are able to use its service, alongside initiatives designed to ease the payment process for customers.

At the WeChat Pay Overseas Partner Conference 2019, held in Hong Kong, executives unveiled a strategy to expand the scope and scale of services it is able to offer customers when travelling outside of mainland China.

The five “key areas” of its new strategy are: expand the number of markets where payments can be made; improve the shopping experience for customers; promote self-service ordering to ease language issues; promote AI-based solutions in fashion and beauty retailers; explore new areas for the app including help with overseas healthcare; and consular services.

At the end of 2018 WeChat Pay was accepted by selected retailers in 49 markets outside of mainland China with cross-border payment services able to be processed in 16 different currencies. Around the world 20 Chinese embassies and consulates are also able to process payments using the service.

Acceptance overseas follows a concerted effort to recruit retailers in destinations popular with Chinese nationals abroad in recent years. A similar strategy has been adopted by China rival Alipay.

Tencent and Alipay parent Ant Financial dominate China’s mobile payment ecosystem, which is frequently referred to as the most advanced in the world.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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