Paymentwall, a global payment provider, and Tencent have teamed up to make WeChat Pay available around the world.
WeChat Pay has over 600 million active users and processes USD 1.5 trillion in Chinese digital payments, which accounts for 30% of all online transactions made in 2016. Through the integration with Paymentwall, merchants in Europe, the US, Latin America, Southeast Asia and the Middle East will be able to process WeChat payments.
The payment provider supports over 150 payment methods around the world, and merchants can gain access to all of them through an API integration. Similarly, business owners do not have to establish an entity in China to accept payments through the Tencent app.
Paymentwall supports worldwide payments with credit and debit cards, mobile payments, e-wallets, bank transfers, prepaid cards and connects global transactions from 190 countries.
AT Kearney, the management consulting company, has just released its 2017 Global Retail Development Index in which it expects the Malaysian ecommerce market to grow by 23% year on year until 2021. The company also ranks Malaysia in 3rd place among the top 30 developing countries for retail investment, behind China and India.
Figures from on a government-backed investment plan of USD 280 million to roll out high speed broadband infrastructure to rural areas have been used as the basis of the report. The plan was initiated in 2016 and is expected to be a core for the ecommerce expansion in Malaysia.
Malaysia’s increasing higher disposable income, as well as the government’s investment in infrastructure (growing retail growth in the tourism sector) is another set of key factors. In 2016, the country’s retail industry grew by 3.8% thanks to a 6.1% increase in private consumption.
The company also highlighted Malaysia’s plan to become a cross-border ecommerce hub with the opening of the first Digital Free Trade Zone in partnership with Alibaba, which will allow SMEs to process their online transactions through the Chinese group.
TransferWise, the UK-based payments money transfer company, is launching a new service allows customers to make cross-border payments in a wide range of currencies.
TransferWise has implemented a “borderless scheme” to improve the efficiency of sending money around the globe. The service will initially only be available for small businesses and freelancers in the UK and Europe, and will be available to those in the US next month.
This type of function will allow businesses who are challenged with moving money from one country to another an alternative to a normal bank transfer process or even PayPal. Normally global financial institutions such as Citibank and HSBC for example, offer such schemes to their customers.