![]() ![]() But this is the next step - beginning to open the wallet to non-Chinese consumers, and endearing itself to foreign issuers in the process, seems like a natural first step toward further international growth. That’s pushing firms to look abroad for growth: WeChat Pay has already started to do so by forging partnerships abroad for Chinese tourists to pay using the wallet at retailers throughout the world. This could begin to improve WeChat Pay’s relationship with foreign issuers, and encourage wider card usage on the platform, which could pave a path to future work together.Īnd it’s a strong indication that WeChat Pay will go international soon. New mobile wallet regulations in China from the country’s central bank could stifle growth opportunities for major players like WeChat Pay. Card networks and issuers have historically been frustrated by third-party wallets like WeChat Pay because the majority of payments come directly from bank accounts, ultimately disintermediating them and limiting their access to what’s becoming an increasing share of the entire Chinese payment ecosystem. And it could improve relationships between card networks and wallets. ![]() That could boost volume and grow market share, ultimately helping it continue to eat into Alipay’s dominance. However, this feature could see rapid adoption among the myriad users who are likely already using WeChat for other things, but until now couldn’t add payment information. WeChat Pay is extremely popular, but it still lags behind Alipay, the other major Chinese mobile wallet. It could drastically grow WeChat’s volume.This marks the first opportunity for non-Chinese users to easily use the mobile wallet. The option will be available to expatriates living in China, as well as “Greater China” residents from Hong Kong, Macau, and Taiwan, and will apply to cards issued by Japanese network JCB, as well as Mastercard and Visa. Major Chinese mobile wallet WeChat Pay is opening up access to international customers, allowing cards that aren’t issued in China to be loaded into the platform, according to Technode. To be the first to know, please click here. This story was delivered to BI Intelligence " Payments Briefing" subscribers hours before appearing on Business Insider. Account icon An icon in the shape of a person's head and shoulders. ![]()
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