WeChat Pay identified Europe as a key market to grow its cross-border business — and card networks should be worried:
Europe is a high-traffic destination for Chinese tourists. China has therates of outbound tourism globally: More than 149 million Chinese tourists traveled in 2018, 11% of whom went to Europe.
High rates of outbound tourism lay the groundwork for WeChat to grow and maintain volume overseas.WeChat Pay has already expanded its merchant acceptance network to accommodate its existing user base, and bolstering the roster or European retailers offering WeChat Pay will allow the mobile wallet to capture spend from its customers when they travel and maintain loyalty.WeChat Pay could boost volume in Europe and steal share from Chinese card networks.
There's demand for mobile payments among Chinese tourists. Mobile payments surpassed cash payments among Chinese tourists for the first time in 2018: Chinese tourists paid forof their transactions overseas with their phones in 2018. That can likely be attributed to the growing availability of Alipay and WeChat Pay in popular tourist destinations.
WeChat Pay's expansion could threaten card networks — particularly China-based UnionPay, which has been
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nepal says bans WeChat Pay, AlipayNepal has banned popular Chinese digital payment apps WeChat Pay and AliPay sayi...
Read more »
Australian politicians woo voters on Chinese social media app WeChatAustralia's longest-serving government politician, conservative Kevin Andre...
Read more »
Credit card rates are now at their highest level in 25 years and may weigh on the economyIt costs more than ever to pay with a credit card, which could be a drag on economic growth.
Read more »
Chase tap-to-pay card by Visa can soon be used to ride New York City subways and busesJ.P. Morgan Chase & Co. and Visa Inc. said Wednesday that Chase customers can soon use their Visa contactless cards to ride subways and buses in New York City. The use of the tap-to-pay cards will start May 31 for the 4, 5 and 6 subway lines between the Grand Central-42nd Street station in Manhattan to Brooklyn's Atlantic Ave.-Barclays Center station, and on all Staten Island buses. "Over time," all subway lines and buses will accept the contactless cards, the companies said. "Contactless payments have shaped the way consumers pay all over the world, saving valuable time and delivering a fast, easy and secure way to pay," said Dan Sanford, Visa's global head of contactless payments. J.P. Morgan Chase's stock slipped 0.4% in premarket trade and Visa shares edged up 0.2%, while futures for the Dow Jones Industrial Average declined 95 points, or 0.4%.
Read more »
Senator Gillibrand wants insurance to pay for fertility treatmentsU.S. Democratic presidential hopeful Kirsten Gillibrand on Wednesday proposed re...
Read more »
Mississippi mayor will pay drug dealers and gang members $10,000 to leave his cityClarksdale Mayor Chuck Espy said he is willing to put hands in own pockets to help reduce crime in city.
Read more »
CEO Jamie Dimon’s pay package narrowly approved by JPMorgan shareholdersJPMorgan Chase & Co. investors voted to approve Chief Executive James Dimon’s pay at the bank’s annual meeting over the objections of a...
Read more »
Sen. Kamala Harris in California appeals to black voters; pushes gender pay equityDemocratic presidential candidate Kamala Harris drew a crowd of thousands on Sunday afternoon in her home state of California at a rally at Los Angeles Southwest College – a place where she hopes to make deeper inroads with black voters. The school is located in the heart of South Los Angeles and has
Read more »
Checkr CEO calls alleged Somali war criminal turned Uber driver an 'edge case'The CEO of the company that processes background checks for Uber and Lyft calls the alleged Somali war criminal who drove for the companies an 'edge case.'
Read more »
Whether she’s on the $20 bill or not, Harriet Tubman made men pay for underestimating herAfter escaping slavery, Tubman led hundreds of other people to freedom.
Read more »