Fintech Airwallex has launched a new payment acceptance service in Singapore, Hong Kong and Australia with WeChat Pay.
It allows merchants to add WeChat Pay as an additional payment option on their e-commerce platform.
Airwallex reckons that the new offering will provide merchants global access to over 800 million Chinese consumers on WeChat Pay, enabling them to tap into a key Asian marketplace of active shoppers.
WeChat is one of the largest social media platforms in the world with 1.2 billion monthly active users. Its pay function, WeChat Pay, allows its users to seamlessly make payments in their local currency for their purchases. WeChat Pay handles over one billion transactions globally daily, demonstrating the regular spending habits of its users.
Airwallex’s WeChat Pay solution is designed to ensure smooth and fast flows of funds from buyers to the merchants. Payments made by the buyers in Chinese Yuan, or Hong Kong Dollar, are received by Airwallex and converted to the merchants’ currency of choice within two business days.
Dave Stein, Airwallex’s Head of Corporate Development in Australia said: “We have seen e-commerce thrive during these unprecedented times. We believe this transition is here to stay even after the global lockdown ends, life normalises and shops reopen. As more merchants transition online, they require a wide range of payment acceptance options to remain relevant to different payment preferences around the world. With our new WeChat Pay solution, we are enabling merchants to adapt in today’s climate and also helping them open the doors to one of the largest and most active consumer markets in this world.”
“Adding a payment acceptance solution to the Airwallex product portfolio is an important next step to enhancing our end-to-end financial services solutions. We are now perfectly positioned to improve the way businesses collect online payments and ensure that the process is as fast, secure and seamless as possible,” Stein added.