Online payment processing and acquiring bank service provider Credorax has announced new partnerships with leading Chinese mobile payment methods – WeChat Pay, Alipay and UnionPay.
Credorax will now have the capability to offer European merchants the option of supporting payments from all three Chinese mobile payment methods.
Between 2000 and 2018, the number of overseas trips taken by Chinese tourists increased from 10.5 million to a massive 149.7 million, and 11% of Chinese tourists travelled to Europe in 2018, a 5.1% increase from 2017.
Moshe Selfin, chief operations and technology officer, Credorax, stated: “There is no doubt that reaching Chinese consumers both within China and abroad has huge potential for merchants that want to grow their businesses.
“The key to accomplishing this will be to meet Chinese consumers wherever they are, offering them familiar payment methods that are easy and convenient.
“We’re excited to offer this capability to our merchants, which is sure to boost customer engagement and overall sales activity.”
Engaging with preferred payment methods is expected to drive merchant sales as it provides tourists with an easier, more recognisable payment experience.
Furthermore, the newfound partnerships will enable European merchants working with Credorax to sell products and services to customers in China.
A recent survey by Nielsen also found that Chinese tourists spent on average €6,026 per person abroad in 2018; this is expected to rise to €6,706 in 2019, with nearly two thirds (65%) using a mobile payment while overseas.
Kelly Yuan (country manager, Greater China, Credorax) noted the “critical role” that mobile payments play in China and the opportunities that are available for merchants working with Credorax.
“Now that Credorax is one of the first acquirers covering all EU jurisdictions to process payments from WeChat Pay, Alipay and UnionPay QuickPass, we’re in a unique position to help European merchants offer Chinese tourists the mobile payments methods they use every day at home.
“In other words: Credorax is the gateway to Chinese consumers.”
As part of the new agreement, the firm has released a new whitepaper detailing the opportunity for European businesses, how they can gain customers, and the key differences between the three payment methods.