Fashion
Global payments technology provider Adyen has added WeChat Pay support to help businesses worldwide sell to customers in China and Hong Kong.
Adyen provides the payment infrastructure for multiple major internet companies including Uber, Facebook and Neflix. With the agreement, Adyen will be the first payment service provider to support WeChat Pay on a global scale.
Adyen CCO Roelant Prins said China is at the forefront of the digital payments revolution, with 15% of the total population expected to make a cross-border purchase in 2016.
“We are very excited to support WeChat Pay. When combined with our existing UnionPay and Alipay integrations, it gives businesses access to the world’s biggest e-commerce market with a single partner,” he said.
“This is the final key to unlocking full access to the Chinese shopper. This is especially appealing to travel businesses and high-end retailers.”
According to Adyen data, despite the rapid adoption of digital payments in Hong Kong, credit cards are expected to remain the most popular payment method in the market. Visa has a significant lead over rival MasterCard.
Because no local entity is required for cross-border transactions it is easy to accept and settle payments in Hong Kong dollars with no impact on currency conversion.
