![]() “From the retailer perspective, the biggest advantage of Travelex Pay and the service inside WeChat is to simplify the most common behavior that a Chinese tourist does, which is shopping at the luxury and high end brands. You still need them,” said Swych CEO Deepak Jain. In terms of reach, WeChat is comparable to Facebook, with 1.25 billion monthly active users as of 2021, and their digital wallet is similarly popular with Chinese consumers. ![]() Simply sign up for a WeChat Pay Network account (in the app or online) by providing your business information and uploading a picture of the company logo. Thursday, DecemBy Tricia Taggart WeChat Pay is the mobile payment method founded by Chinese tech giant WeChat. Creating a merchant account is straightforward. “We all know that despite the advancements in mobile payments and technologies, cash and plastic credit cards are not going away anytime soon. Merchants that create a WeChat account gain access to its more then 300 million active users. businesses - bars, restaurants and mom-and-pop shops - won’t be covered under the arrangement. While companies like AliPay and WeChat are making headway, these initiatives haven’t done away with costly currency exchanges fees entirely, or the need to swipe a Chinese credit card with its costly international transaction fee. Despite the push, hundreds of thousands of smaller U.S. No gift cards are needed for Alipay, which converts Chinese yuan to American dollars, and generates revenue by charging retailers fees. Credit card Online banking E-Wallet (PayPal, Apple Pay, Google Pay, WeChat, and Alipay) Bank transfer Cash and PIN payment About Worldline ePayments and. retailers such as Guess and Lacoste.ĭubbed Travelex Pay, the WeChat service will feature an additional hoop for shoppers to jump through: They have to download a gift card to display on a smartphone to check out at a retailer. with Alipay’s, which natively integrates with payment processors at retailers to allow cashless transactions without charging customers a fee. Alipay is available in large U.S. It fits with WeChat’s retail strategy in the U.S. The virtual wallets are ubiquitous in China and used to pay for everything from taxi rides to movie tickets.įor retailers, who must pay a percentage-based fee to participate, the arrangement makes it easier for Chinese tourists visiting U.S. Like Paypal, WeChat users can add funds to their wallets via a bank account or a credit card. The commission ranges according to the merchant’s industry, but most average about 0.60. The deal WeChat struck with financial services firm Travelex and its sister company Swych works through WeChat virtual wallets. However, merchants that accept payment from WeChat will pay a commission ranging from 0.10 to 1.00. companies to allow WeChat users - Chinese visitors - to make cashless purchases with gift cards at 50 local retailers, including Nike, Saks Fifth Avenue and Nordstrom. China’s biggest mobile platform, which counts 1 billion monthly active users, on Tuesday partnered with two U.S. ![]()
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