Cancel
Business

Making cross-border disbursement possible, Tencent cooperates with UnionPay to start Hongkong mobile payment

CKN
minutes 2018/09/28 08:17:23
2,766
China's Financial News, China News ,Tencent, UnionPay

Sep 28, 2018 (China Knowledge) - In order to develop the mobile payment market in Hong Kong a two-way cross-border payment launch ceremony was organized by tech giant Tencent and UnionPay. With the support of the PBoC and the Hong Kong Monetary Authority, Wechat Hong Kong Wallet has announced that it is the mainland’s first licensee to provide mobile payment services to Hong Kong users. 

Using the latest version of Wechat, Hong Kong users will be able to buy high-speed rail tickets, take taxis and enjoy food in the Mainland from this October. When the user will make payments, Weixin Hong Kong wallet will automatically make the payment in RMB, converted to the corresponding amount of HKD, the user can pay through the balance of the wallet, the bonded credit card or bank card in HKD. 

In the area of cross-border payments, Hong Kong users will be able to use Weixin Hong Kong wallet for payment to mainland merchants in the future. Since Wechat Hong Kong wallets is connected to the UnionPay’s Transfer and Clearing System, it will implement the relevant mechanism for information and cross-border transactions between the two places. The system will ensure the safety and compliance of Wechat Hong Kong wallet users' cross-border mobile payments.

Copyright © 2018 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com

To access our page on Bloomberg, type CKFI

share