The use of Alipay and WeChat Pay payment by overseas people for domestic consumption has been further expanded
2023-07-24
With the approaching of the Chengdu Universiade and Hangzhou Asian Games, more and more foreign tourists are coming to China. Based on the current development of mobile payment in China, it is necessary for foreign personnel to use mobile payment for their clothing, food, housing, and transportation in China. In this regard, recently Alipay and WeChat Pay announced in succession that they would comprehensively upgrade the scenarios and services of overseas users using mobile payment in China. Alipay said on July 21 that Alipay can be used nationwide after binding overseas cards to Alipay. Currently supporting overseas bank card organizations including Visa, Mastercard, Diners Club, Discover, etc. The convenience of use has been synchronized with that of domestic users, and can be used wherever Alipay can be used. On July 20, WeChat Pay announced that most merchants in China have been opened to support overseas card consumption, covering daily consumption fields such as catering, transportation and supermarket. And it supports multiple payment methods such as scanning code, being scanned, WeChat mini program, In APP, and password free withholding. The overseas bank card organizations it currently supports include Visa, Discover Global Network (including Diners Club), JCB, Mastercard, etc. In terms of service charges, Alipay shall bear the service charges for a single consumption of 200 yuan or less with Alipay, and Alipay shall collect the service charges for a single consumption of more than 200 yuan; When WeChat Pay is used, it will bear the transaction handling fee of 200 yuan or less for a single transaction. When the single transaction amount is more than 200 yuan, the handling fee will be charged at 3%. To sum up, at present, Alipay and WeChat Pay services for overseas card consumption are basically the same in terms of recommended use scenarios, service charge collection, exchange rate calculation, etc. Among the types of overseas cards supported, WeChat Pay has added JCB card compared with Alipay. In terms of transaction limit, Alipay's single transaction is 3000 yuan, and WeChat Pay's single transaction is 6000 yuan. Su Xiaorui, a senior consultant of Analysys Analytics in the financial industry, said that Alipay and WeChat Pay, as the giants of third-party mobile payment, have made efforts in international business. On the one hand, they can expand their mobile payment business and further consolidate their market competitiveness; On the other hand, it can provide more convenience for users and drive the healthy and long-term development of the third-party payment industry. "It is expected that this move by Alipay and WeChat Pay will not bring about a large increase at the user level, but more will be to actively fulfill social responsibilities and facilitate payment for overseas people." Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, added. According to the reporter, Alipay and WeChat Pay have begun to explore ways to improve the payment experience of overseas users as early as 2019. However, the industry believes that overseas users still face some problems in payment, especially in terms of payment convenience, which still has significant room for improvement. The relevant person in charge of a certain payment institution told Securities Daily that "the use of mobile payments by overseas personnel holding overseas cards in China involves cooperation with international card organizations, merchant interface configuration, transaction risk control, currency differences, and jurisdictional differences. The rate collection has been
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Daily
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