TMT· Fintech

Alibaba and Tencent go global with mobile payment app

minutes 2018/08/22 09:11:03
Alibaba, Tencent, Alipay, Wechat Pay

Aug 22, 2018 (China Knowledge) - Chinese technology giant, Tencent Holdings and Alibaba Group, are actively seeking to enhance travelling experiences for Chinese tourists with their mobile payment applications. This has helped to capture foreign markets.

Alipay is currently the world’s largest mobile and online payment platform, overtaking PayPal in 2013. With plans to simplify tax refunds process and enhanced travelling experiences for Chinese Alipay users, it partnered with Global Tax Free, a tax refund company. With this Alipay users enjoy the convenience of tax refunds at more than 80 airports and in-city stores.

In South Korea Chinese travellers using Alipay get to use world’s first paperless mobile tax refunds, and is made seamless and more convenient for its users. These refunds in RMB are credited immediately.

Similarly Tencent launched a digital payments platform in Malaysia where WeChat users are able to transfer money and make payment to merchants in Malaysian currency. This is the first overseas expansion in Asia for Tencent.

Both tech giants are expected to see huge increases of their mobile payment application usage as Chinese travellers become the biggest influx of tourists in more and more countries. 

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