The new feature allows Visa cardholders to integrate their cards with WeChat Pay and Alipay electronic wallet accounts for seamless payments during travel or business trips in China.
Through a collaboration agreement with Tencent and Alipay, Visa recently announced that cardholders in Vietnam can now directly link their Visa cards to the electronic wallets Weixin Pay (also known as WeChat Pay) and Alipay.
With this new feature, customers can integrate their cards with WeChat Pay and Alipay electronic wallets whenever they travel or work in China, providing a seamless payment experience at millions of establishments, including restaurants, transportation services, shopping outlets, and daily expenses.
Consumers can also utilize various payment methods such as scanning QR codes, presenting online payment codes, or making in-app payments in China.
Alipay and WeChat Pay are the two e-wallets with the largest market shares in China. Photo: Alipay.
International Visa cards are now accepted at transaction points in over 400 cities across mainland China, as well as leading online retailers and mobile applications, including Taobao, Ctrip, Didi, China Railway, 12306, and more.
“Not only is China one of Vietnam’s important markets, but it also plays a crucial role in the global network,” said Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos.
According to Statista, as of this year, AliPay and WeChat Pay have 1.25 billion and 1.04 billion users in China, respectively.
Alibaba’s Alipay holds a 55% market share in China’s mobile payment market, while Tencent’s WeChat Pay holds 39%. Together, these two electronic payment platforms control over 90% of China’s electronic payment market, with a scale of 300 trillion Chinese yuan (equivalent to 47.505 trillion USD) in 2021.
Recently, Visa and Tencent Financial Technology (Tencent’s financial technology division) announced a collaboration to provide a solution that allows Weixin users to receive direct international transfers through the electronic wallet app. This feature is expected to expand Visa Direct’s network to over one billion Weixin users in mainland China.
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Source: Vietnam Insider