Leading global payments provider expects retailers to substantially increase revenues with the popular Chinese payment method in Europe both online and offline
SafeCharge (LON:SCH), the leading payments technology company, today announced that it is partnering with Tencent Holdings, the leading provider of internet value added services in China, to add WeChat Pay, the booming payment service of the Chinese messaging giant and China’s most popular social media on its global payments platform.
With more than 600 million monthly active user accounts in China at the end of December 2016, WeChat Pay is one of the most popular payment methods used by Chinese nationals today in and outside of China. A recent Counter Intelligence survey found that Chinese air travel to Europe increased by almost 20% in 2016, with travellers to Europe predicted to hit 90m by 2025. In 2016 Chinese tourists spent $87bn via OTA platforms, up 34% year on year.
By adding WeChat Pay to SafeCharge's global payments platform, both online and brick and mortar retailers' in Europe are now able to accept this incredibly popular Chinese payment method in their own or local currency.
“This agreement with SafeCharge enables online merchants to offer Chinese visitors to Europe the opportunity to pay quickly and easily with their preferred payment method. Smoothing the payment experience and reducing the trouble of forex exchange means that European brands become far more accessible to Chinese tourists,” stated the Vice President of Tencent Holdings.
"SafeCharge continues the rapid development of its innovative payment platform. By making WeChat pay available for retailers both online and in store, we demonstrate again our commitment to serve the world’s most demanding merchants looking for a strong global omnichannel payment solution," stated David Avgi, CEO, SafeCharge."
SafeCharge International Group Limited (LSE: SCH) is the payment service partner for the world’s most demanding businesses. SafeCharge provides global omni-channel payments services from card acquiring and issuance to payment processing and checkout, all underpinned by advanced risk management solutions. This fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, MasterCard, American Express and Union Pay as well as over 150 local payment methods. With offices around the world, SafeCharge serves a diversified, blue chip client base and is a trusted payment partner for customers across a range of vertical markets. The company has been listed on the London Stock Exchange AIM market since 2014.
Founded in November, 1998, Tencent is a leading provider of Internet value added services in China. Since its establishment, Tencent has maintained steady growth under its user-oriented operating strategies. On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.