Wirecard has inked a Tencent deal offering European retailers a mobile payment method with access to over 938 million WeChat and Weixin users.
Specialised in electronic payments schemes, Wirecard, the global technology group, has signed an agreement with Tencent to introduce a new mobile payment method through WeChat Pay. With more than 600 million active users, the channel is one of China’s top mobile payment solutions.
While the brand holds nearly 40 percent of the market share, the tie-up allows European retailers to target more than 938 million active monthly WeChat and Weixin users. China is a key market for Europe; average spend per tourist is €3,000, with said trend quickly gaining further momentum.
Particularly in the luxury segment, main interest areas include clothes, jewellery, watches, cosmetics, and household goods of the designer variety. Per the deal, Wirecard will play the role of acquiring bank and bundle transactions for the respective retailer and processes via the collecting model.
Via the partnership, Chinese shoppers can go cashless in three easy steps, and they are: (a) opening the WeChat or Weixin app and going to the Wallet feature; (b) showing the QR (quick response) code to the retailer, and (c) having the retailer then scan said code to activate the payment process.
“We are proud to be one of the first WeChat Pay partners for POS acceptance in Europe. The move enables a mix of alternative and classical payment options with one interface, where other payment methods can be added regularly,” said Jörn Leogrande, EVP of Mobile Services for Wirecard.