German payment company Wirecard signed a deal with Tencent’s WeChat Pay, widening the Chinese company’s acceptance across Europe and providing another option for retailers looking to target Chinese tourists.
Wirecard, which provides point of sale infrastructure to retailers in Europe, already provides a similar service for WeChat Pay rival Alipay.
It also backs a number of alternative mobile payment providers, including Apple Pay in selected markets.
The deal is the latest in a number of agreements struck by China’s leading mobile payment companies to expand their reach beyond their home market.
In several markets close to China, both Alipay’s parent company Ant Financial and WeChat owner Tencent have partnered with local providers to launch country-specific services. In US and Europe, both sought to increase their availability to existing customers when they are travelling to these areas.
WeChat Pay has over 600 million active users in its home market. According to Wirecard statistics the average tourist travelling to Europe from China spends €3,000 per visit with luxury products including clothes, jewellery, watches and cosmetics – providing a potentially lucrative market.
“We are looking forward to expand our business and to offer WeChat Pay for customers all over Europe,” Wirecard EVP mobile services Jorn Leogrande said, adding: “This collaboration is an additional step for us to offer retailers a whole range of alternative and classical payment methods with just one interface where other payment methods can be added regularly.”