Chinese payment provider Weixin Pay teams up with UnionPay to boost cross-border payment ease for global travelers in China.

UnionPay’s Weixin Pay Partnership Enhances Cross-Border Payment Convenience

In recent years, China has seen a significant rise in the number of foreign tourists visiting the country. To cater to the growing demand for convenient Payment options, Weixin Pay, a subsidiary of Tencent, has introduced new features to support payments by foreign tourists in China and cross-border transactions. This move is set to enhance the overall payment experience for global travelers in China and bring increased convenience to their payment transactions.

One of the key features introduced by Weixin Pay is the ability for visitors to conveniently pay by scanning QR codes or payment codes. This eliminates the need for physical cash or credit cards, allowing travelers to make payments easily using their smartphones. This is particularly beneficial for foreign tourists who may not have access to local currency or may not be familiar with the local payment systems.

To further improve the payment experience for foreign tourists in China, Weixin Pay has partnered with global credit card organizations like Visa and Mastercard. This partnership allows visitors to use their international credit cards to make payments seamlessly through Weixin Pay. This collaboration not only enhances the convenience of payment options for foreign tourists but also promotes the use of Weixin Pay among a wider range of users.

To support the growing number of foreign tourists in China, Weixin Pay has also expanded its merchant network to include various categories such as dining, transportation, shopping, and hotels. With this expansion, inbound users will have access to tens of millions of merchants, including small and medium-sized businesses. This not only benefits the tourists by providing a wide range of options for their spending needs but also supports local businesses in China by increasing their customer base.

In addition to expanding its merchant network, Weixin Pay has waived fees for single transactions under 200 renminbi. This move caters to users’ small-amount and high-frequency payment needs, allowing them to make multiple transactions without incurring additional charges. This is particularly useful for tourists who may make multiple small transactions during their stay in China, such as purchasing snacks or souvenirs.

The implementation of these new features by Weixin Pay has yielded positive results. The company has seen a significant increase in the number of merchant partners and offline transactions. This indicates that more businesses in China are recognizing the benefits of accepting Weixin Pay and are eager to cater to the growing number of foreign tourists.

Moreover, Weixin Pay has expanded its partnerships in Southeast Asia, a popular travel destination for Chinese tourists. Collaborations with prominent retailers like Thailand’s Big C Supercenter and Centara Hotels & Resorts have allowed Weixin Pay to tap into the booming Chinese outbound travel market. This expansion not only benefits Chinese tourists by providing them with a familiar payment option in foreign countries but also strengthens Weixin Pay’s presence in the international market.

Furthermore, Weixin Pay has witnessed a significant increase in the number of active overseas merchants. This indicates that more businesses outside of China are recognizing the value of accepting Weixin Pay as a payment option for Chinese tourists. With the rise in outbound travel from China, businesses in popular tourist destinations are actively integrating Weixin Pay into their payment systems to cater to the growing number of Chinese travelers.

In addition to the partnership between Weixin Pay and UnionPay, UnionPay International (UPI) has made significant strides in enhancing cross-border payment convenience for global travelers in China. UPI has recently announced that 170 international wallets can now be directly used at merchants accepting UnionPay in China. This breakthrough is set to bring a significant change to the payment experience for global travelers in the country.

Previously, foreign tourists faced challenges when it came to using their preferred payment methods in China. However, with this new cooperation between Weixin Pay and UnionPay, travelers can now use options like the UnionPay App, Octopus card, and BoC Pay. This allows them to make payments seamlessly using methods they are familiar with, eliminating the need for currency exchange or carrying multiple payment cards.

The cooperation between UPI and international wallets goes beyond traditional payment methods. For example, wallets like Malaysia’s GoPayz, Thailand’s K PLUS, and South Korea’s NaverPay now allow travelers to scan UnionPay QR codes for payments. This further enhances the convenience factor for global travelers as they can use their preferred payment methods even when visiting China.

This new cooperation model actively promotes the interconnection between payment networks in China and internationally. By partnering with international banks and payment companies, UPI supports wallets to bind UnionPay cards or issue UnionPay virtual cards within the app. This seamless integration between different payment systems not only benefits global travelers but also promotes financial inclusivity and convenience in cross-border transactions.

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