Chinese internet-based technology and service company Tencent has partnered with Finnish digital signature and data management developer Avaintec. Helsinki Business Hub supported the collaboration. Tencent’s WeChat Pay to accept Visa cards to help foreign tourists survive in cashless China Tencent will let foreign users link their Visa cards to their WeChat mobile payments. Together the two companies have brought Tencent’s WeChat Pay to Finland, offering the rapidly growing number of Chinese visitors a safe, familiar and convenient way to pay for their purchases. The Chinese equivalent of WhatsApp offers a wide range of functions. WeChat Pay allows Finnish businesses to serve their Chinese customers better – and to improve their sales while doing so. Along with a new live streaming feature, WeChats global in-app purchase revenue surged to 62.8 million U.S. When Chinese visitors want to buy souvenirs for example from a Moomin Shop in Helsinki or from the Arctic Circle Tourist Information in Rovaniemi, they can now pay with a mobile application that is quick, easy and already familiar to them: WeChat Pay. WeChat Pay is a payment feature integrated into the app, where users can quickly complete the payment with their smartphones. Mobile payment apps are already challenging cash in China, as Chinese consumers find them safer and more convenient. The Chinese also prefer smartphone payment apps while travelling abroad, and the ability to offer this option can really benefit retailers. WeChat officially launched Palm Pay on May 21. WeChat Pay is the leading mobile pay platform in China, with more than 800 million monthly active users and over 1 billion daily transactions on average in 2018. Tencent -owned WeChat, China’s largest messaging app and one of the country’s biggest payment services, will begin supporting the country’s sovereign digital currency. Along with the rapid development of the Chinese economy, more and more Chinese tourists travel abroad, and WeChat Pay collaborates with local merchants to meet their needs. With WeChat Pay, users can make payments quickly and conveniently in their own currency by simply scanning a QR code, without having to exchange money or withdraw cash. The head-to-head rivalry between Tencent and Alibaba dates back to July, when Alibaba blocked application programming interface (API). “In my opinion, for companies like Tencent, Finland and the Nordic area is a rapidly growing tourism market, and Finland is also a convenient shortcut between China and the rest of Europe,” says Service Manager Jie Guo from Avaintec. Helsinki Business Hub worked with Tencent and helped the company look for potential partners in Finland.
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