![]() Alipay also recently initiated plans to offer mobile payments at many high-profile luxury resorts, hotels and casinos in Monaco. ANT Financial, Alipay’s parent company, invested US$200 million in Kakao Pay, which is a mobile payments platform provided through the Korean messaging app, Kakao. Tencent also already has plans for US expansion.Īlipay has been doing its own set of high-profile global expansions. This includes expansion into Europe through partnerships with luxury retailers. ![]() The all payment solution from China will enable local businesses to engage with their customers under the same platform and make or transfer payment in Malaysian Ringgit (RM). In the past few years, WeChat has entered into partnerships with firms abroad to offer WeChat payment services abroad for Chinese tourists to facilitate transactions. Tencent’s WeChat announced today the launch of WeChat Malaysia’s payment feature called WeChat Pay MY. Alipay and WeChat Pay maintain 55 percent and 40 percent of the China mobile payments market respectively. The expansion into Malaysia may signal more such targeting of local markets and may encourage locals and local firms to use WeChat Pay, making WeChat even more useful for Chinese travelers.īy expanding the range of goods and services that can be paid for through WeChat Pay, Chinese travelers to Malaysia could hypothetically avoid hard cash exchanges altogether and enjoy cashless travel experiences abroad.Īlipay is still the larger of the two mobile payment services, but WeChat Pay is gaining ground quickly. The expansion into Malaysia may signal more such targeting of local markets and may encourage locals and local firms to use WeChat Pay, making WeChat even more useful for Chinese travelers Grace Yin, director of WeChat Pay, noted, “The short-term target is still Chinese tourists… The priority is nearby countries most frequented by them, such as those in Southeast Asia.” The launch of the payments service is aimed at Chinese tourists travelling to Europe. WeChat Pay will enable European retailers to access a broad consumer base of 938 million active WeChat users. Malaysia will be the first market outside of mainland China that WeChat offers this kind of service.Īlthough this move also targets local Malaysians, Tencent maintains that it is still fundamentally a move to facilitate Chinese tourism. Wirecard, a Germany-based payment and internet technology company, has partnered with China-based Tencent to introduce mobile payment WeChat Pay in Europe. Chinese gaming and social giant Tencent has rolled out Fen Fu, an embedded credit feature which allows its 1.1 billion WeChat users to buy now and pay later. Instead of simply entering into partnerships with firms to offer WeChat Pay, Tencent’s Malaysia application targets locals as well as Chinese tourists. Tencent, the developer of the social media and messaging app WeChat, has applied for a license to allow Malaysians to link local bank accounts to WeChat Pay and use the service for mobile payments. Malaysia is the latest market WeChat Pay is targeting to overtake Alipay, but its newest move is a sharp departure from previous strategies. The Istanbul Airport served 64 million passengers over the last year after it became operational in April 2019.Alipay and WeChat Pay are both attempting to expand rapidly abroad in a bid to capture revenue from the growing number of Chinese tourists. The WeChat Pay was introduced to Turkey with a joint effort of the Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC) and Tencent, according to a press release issued after the ceremony. Therefore, it is unlikely to represent any more a threat to the dollar’s international dominance than the current forms of RMB, at least over the short and medium term. ![]() Last year, 426,000 Chinese tourists visited Turkey, with an 8.2 percent year-on-year increase, he said. China’s eCNY efforts have similarly yet to prove they will be any cheaper, more efficient, more private, or more convenient than the existing domestic and international payment systems. He said Turkey is an important destination for Chinese tourists and the system will make the visit of Chinese travelers to Turkey more comfortable.Ĭui Wei, the Chinese consul general in Istanbul, said the project further strengthened the economic cooperation between the two countries. Speaking at an online signing ceremony, Turkey's Culture and Tourism Minister Mehmet Nuri Ersoy said the payment service is first offered in Turkey's Istanbul Airport, and later it will be used in different parts of the country. Ĭhina's third-party payment platform WeChat Pay, run by Chinese tech giant Tencent, was launched in Turkey on Tuesday. China's third-party payment platform WeChat Pay, run by Chinese tech giant Tencent, was launched in Turkey on Tuesday.
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