|PC-EFTPOS Enables Chinese Wallet Acceptance
China’s two mobile payments giants, Alipay and WeChat Pay are streets ahead of their Western rivals in terms of technology, user friendliness and number of users.
In many ways Alipay, which has around 700 million active monthly customers in China, and WeChat Pay, with over one billion, point to the future of payments for the rest of the world. Apple Pay has only 127 million worldwide, even though it is installed into every iPhone.
The payment apps, and QR codes in retailers on which they depend, have become so common in China that young consumers rarely carry a wallet or cash. Even buskers display AliPay and WeChat Pay QR codes instead of laying a guitar case on the pavement.
Due to the purchasing power of Chinese outbound tourists, the two payment rivals have become widely accepted in popular travel destinations. Alipay is accepted in 26 countries across Europe, North America, East Asia, and Southeast Asia. WeChat Pay can handle payments in 12 currencies in 15 countries and regions.
They are also trying to break into new markets including Australia and New Zealand.
Through extensions, that add to the core EFTPOS payment API, PC-EFTPOS is enabling Chinese wallet acceptance at the point of sale. This month PC-EFTPOS completed certification of our direct link to Alipay. We have also undertaken development work on our direct link with epay to support their new Alternative Payments category. Alipay and WeChat Pay are both available via this link when using epay as the acquirer.
If you would like further information about these Chinese Wallet solutions please contact Andrew or David.