News Worms
News Worms

Wirecard Brings WeChat Pay to Europe

Wirecard Brings WeChat Pay to Europe

The service was launched on Sunday to give merchants outside the People's Republic an easy way to accept online payments by integrating Stripe's unified API, Sources.

And according to Stripe, Australian online exports to China have been one of the first markets to explode since a free trade agreement between the two countries took effect in December 2015, and China has become an economic powerhouse for Australian online businesses.

Businesses around the world will now be able to accept payments from hundreds of millions of Chinese consumers as a result of a deal struck between Stripe and payment platforms Alipay and WeChat Pay.

"By deepening our existing partnership with Alipay, and launching a new partnership with WeChat Pay, we're enabling businesses to easily access the once-impenetrable Chinese market, and in the manner Chinese consumers prefer", Collison says.

The average spending per Chinese tourist in Europe is €3,000 ($3,416) and mobile payments are a preferred payment method, according to Wirecard.

Stripe's global partnership with Alipay, WeChat Pay opens China to the world

China is an important tourism key source market for European countries, the average spending per Chinese tourist reaches Euro 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.

"If you are an internet business this unlocks a new vast customer base", said John Collison to Reuters. In 2015, the Munich-based company announced a similar partnership with Tencent rival Alipay.

Alipay one-time payments will be generally available to Stripe users globally, while recurring payments and WeChat Pay support will be in private beta for now, it added.

Chinese mobile wallets are travelling the world in the pockets of Chinese users.

Stripe is moving aggressively into Asia and other untapped markets for payments. The company is also rolling out support for Hong Kong users to get paid out in Dollars without currency conversion to local, USD-denominated bank accounts.


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