Recently, Tencent has cooperated with five international financial service companies including Visa, Mastercard, American Express, Discover Global Network and JCB to make it possible to tie overseas international credit cards to WeChat, thus allowing overseas users to utilize WeChat’s payment services.
It also aims to support users in various consumption scenarios including purchasing train tickets, accessing ride-sharing and e-commerce platforms.
Following Alipay’s recent launch of their International Version, Tencent has been prompted to respond by providing a comparable functionality within WeChat Pay.
According to mobilepaymentstoday, Visa Inc. issued a statement on November 5, saying, “Visa believes this is a great step forward, both for consumers traveling to China and the overall payments industry. In a truly global commerce environment, collaboration is essential to provide consumers with a seamless payment experience.”
In recent years, an increasing number of travelers have come to China for travel and work. According to data released by the Ministry of Culture and Tourism, the number of inbound tourists reached 141.2 million in 2018, an increase of 1.2% compared with the same period of the previous year. According to Wang Zhigang, Minister of Science and Technology, China is becoming a hub for innovators and entrepreneurs worldwide.
In 2018, China issued 336,000 work permits for overseas talents. Currently, the total number of foreigners working in China has exceeded 950,000. The fact that international cards can now be used to access WeChat Pay will largely facilitate all aspects of life of the foreign workforce in China.