Europe has a new mobile payment method: Wirecard will enable European retailers to accept WeChat Pay, one of the leading mobile payment solutions in China.
„As part of Tencent, the leading provider of Internet value added services in China, WeChat and Weixin are part of Chinese people’s daily life, and the combined monthly active users is over 938 million. The mobile payment solution, WeChat Pay, has over 600 million active users, that equivalent to nearly 40 percent market share of Chinese mobile payment market. With this collaboration, Wirecard aims to unlock this attractive market to European retailers.”, according to the press release.
China is an important tourism key source market for European countries, the average spending per Chinese tourist reaches EUR 3,000, the spending momentum is growing strong, especially on buying luxury products such as clothes, jewelry and watches, cosmetics and household goods with strong brand names. As the Chinese are generally more accustomed to mobile payments than to card payments, European retailers can drive their business even more attractive by offering Chinese visitors their preferred payment method.
Jörn Leogrande, Executive Vice President Mobile Services at Wirecard, said: “We are proud to be one of the first WeChat Pay partners for POS acceptance in Europe. 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. Thanks to our ConnectedPOS platform we are able to integrate them with minimal intervention in the existing cash register. We are looking forward to expand our business and to offer WeChat Pay for customers all over Europe.”
How the mobile payment solution WeChat Pay works:
1. The Chinese customer opens the WeChat or Weixin app on their smartphone. A new QR code is automatically generated every 60 seconds, making paying with WeChat very secure.
2. The payment is processed as usual at the cash register. To accept a WeChat payment, the merchant opens the WeChat acceptance appdeveloped by Wirecard, scans the customer’s QR code and enters the amount. The payment process is initiated automatically and is quicker than a credit card payment.
3. At the end of every transaction, a confirmation is automatically sent both to the merchant and the customer by the system. At the customer’s request, a receipt can also be printed.
During the payment process, Wirecard plays a role as the acquiring bank, and bundles all transactions for the respective retailer and processes together via the collecting model. From now on, retailers can contact Wirecard for more details of WeChat Pay.
For further information, please visit: https://www.wirecard.com/wechat
Banking 4.0 – „how was the experience for you”
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