Payments technology provider SafeCharge (LON:SCH) just announced that it is partnering with Tencent Holdings, the provider of internet value added services in China, to add WeChat Pay, the booming payment service of the Chinese messaging giant and China’s most popular social media on its global payments platform.
With more than 600 million monthly active user accounts in China at the end of December 2016, WeChat Pay is one of the most popular payment methods used by Chinese nationals today in and outside of China.
A recent Counter Intelligence survey found that Chinese air travel to Europe increased by almost 20% in 2016, with travellers to Europe predicted to hit 90m by 2025. In 2016 Chinese tourists spent $87bn via OTA platforms, up 34% year on year.
By adding WeChat Pay to SafeCharge’s global payments platform, both online and brick and mortar retailers’ in Europe are now able to accept this incredibly popular Chinese payment method in their own or local currency.
This agreement with SafeCharge enables online merchants to offer Chinese visitors to Europe the opportunity to pay quickly and easily with their preferred payment method. Smoothing the payment experience and reducing the trouble of forex exchange means that European brands become far more accessible to Chinese tourists,” stated the Vice President of Tencent Holdings.
SafeCharge continues the rapid development of its innovative payment platform. By making WeChat pay available for retailers both online and in store, we demonstrate again our commitment to serve the world’s most demanding merchants looking for a strong global omnichannel payment solution,” stated David Avgi, CEO, SafeCharge.