Insight Report 4 minutes PremiumWeChat Pay Hong Kong Launches Cross-Border Mobile Payment Services Coresight Research October 3, 2018 Executive Summary Tencent has partnered with China’s leading bank-card service provider UnionPay and its subsidiary UnionPay International to offer cross-border mobile payment services for WeChat Pay HK users traveling to Mainland China, starting October 1. This service will allow WeChat Pay HK users to make payments in Mainland China in Hong Kong dollars (HKD), for which payments will be automatically converted from Chinese Yuan (RMB) to HKD within WeChat Pay HK, where exchange rate quotes will be available for users to view. Four merchants have tied up with WeChat Pay HK in this pilot launch and we see more merchants joining this service in the future. We see this cross-border payment service as another key step in WeChat Pay’s overseas expansion plans for becoming a global payment gateway. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: Retail-Tech Landscape—Food TechnologyWeekly US and UK Store Openings and Closures Tracker 2023, Week 40: US Closures Up 77% vs. Last YearEarnings Insights 4Q22, Week 3: CVS and L’Oréal Report Strong Sales Momentum; Capri, Coty and VF Corp See DeclinesVIP Awards 2023 Preview: Celebrating Community and Partnership in Retail
