EGP nudges higher vs. USD in early Thursday trading    Global electricity demand to surge through 2026 – IEA    Japan's c. bank holds key interest rate    Egypt, US FMs discuss Gaza crisis, Nile water security    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China's internet giant Tencent launches WeChat Pay in Europe to compete Alibaba's Alipay
Published in Amwal Al Ghad on 10 - 07 - 2017

Chinese internet giant Tencent launched on Monday its WeChat Pay payments service in Europe, challenging rival Alipay, which is owned by rival Alibaba's affiliate Ant Financial.
WeChat is a giant social media service that has 938 million monthly active users. Tencent has partnered with German payments firm Wirecard to allow European retailers to accept WeChat pay as a payment option.
The move is specifically aimed at Chinese tourists coming to Europe and is not necessarily a challenger to the likes of Apple Pay and Samsung Pay, both of which operate in parts of Europe. Chinese consumers are very used to using mobile payment services like WeChat Pay for everything from ride-hailing services to shopping. When they go abroad, they want these same services.
Chinese tourists were the highest spending in 2016, splashing a total $261 billion abroad, according to the United Nations World Tourism Organization. It's a lucrative market, one that Tencent is hoping to capture.
But it will have to catch up with Alipay which launched in Europe in 2015 and has since expanded to other destinations like South Africa. Tencent said that in China it has 600 million active users of WeChat Pay. Meanwhile, Alipay recently released numbers that put its active user number at 450 million people.
"Right now the problem is many Chinese travelers don't have the right payment instruments. Shopping is a substantial part of the shopping journey. For every retailer targeting Chinese customers in the segment of luxury, of travel, of entertainment, this is a must-have payment option," Markus Eichinger, executive vice president of global product strategy at Wirecard, told CNBC in an interview ahead of the launch.
Wirecard was also the company that helped Alipay launch in Europe in 2015. It acts as an acquirer, essentially bundling all the transactions for a retailer and processing them.
Chinese toursts can open their WeChat wallet feature, show the barcode on their smartphone to the retailer, and the shop assistant will scan the code to activate the payment process.
Wirecard said that the solution will be ready to go live from November.
Source: CNBC


Clic here to read the story from its source.