WeChat Pay Enters European Payments Market

WeChat Pay has entered the European mobile payments market. Thanks to a collaboration with Wirecard, European retailers can now accept payments from WeChat Pay. WeChat Pay is the most popular mobile wallet in China, with 600 million active users. Its entry into Europe means that European businesses now have an easier way to sell to Chinese consumers. Chinese tourists spent more than any other nationality last year, spending 261 billion US dollars abroad, according to figures from the United Nations World Tourism Organization. A spokesperson from Wirecard commented on WeChat's entry into Europe, saying: “For every retailer targeting Chinese customers in the segment of luxury, travel [or] entertainment, this is a must-have payment option”.