WeChat Pay set for Europe boost with BNP Paribas deal

09 NOV 2017

BNP Paribas inked a deal with Tencent which will see the banking group roll-out WeChat Pay acceptance across its European footprint.

The group – which is one of the world’s largest financial service providers – said the move was a bid to ease shopping experiences for Chinese consumers at its retail customers’ stores.

BNP Paribas will launch the service in Paris department stores Galeries Lafayette Haussmann and BHV Marais (pictured) before making it available across France, and eventually its other markets.

With an estimated 7.4 million Chinese tourists visiting Europe every year and WeChat Pay’s extensive userbase, BNP Paribas said accepting the payment method was a “powerful tool for retailers wishing to attract – and win the loyalty of – Chinese consumers”.

Beyond China
The deal fits with the strategies of China’s two dominant mobile payment companies, which have made a concerted effort over the last two years to expand their reach abroad.

Both WeChat Pay owner Tencent and Alipay parent Ant Financial have signed a number of agreements in Europe and beyond, targeting transaction processors with a strong presence in areas popular with Chinese tourists.

Author

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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