FILE PHOTO: Signs of acceptance of WeChat Payment and AliPay are to be displayed in a retail store in Singapore, to May 22, 2018. (REUTERS photo/Edgar Su
SHANGHAI (Reuters) – China’s mobile payment giant Alipay and WeChat Pay, said on Wednesday payments will now be made using foreign cards.
China has long been dogged by accusations of protectionism, a practice which has knocked out the attempts of the international payment of enterprises in order to gain access to some of the biggest bank-card market by the year 2020.
The moves come during a big import show in Shanghai, which is focused on the presentation of the country’s free-trade credentials.
Tencent, the parent company of WeChat Pay, he said, it was an opening to a statement on the official website, while the Alibaba-backed Alipay promoted by the change in the official media as a service platform.
US digital payment company, Visa Inc., said: “This partnership means that we work in an environment where Credit card holders can use their Visa card in China, in millions, of the place where WeChat Payment has been accepted.”
State newspaper the Beijing News reported in January that Visa Inc. had been submitted with the application materials by 2017, however, voluntarily withdrew its application in June of 2018.
Mastercard does not immediately respond to requests for comment.
Reporting by Brenda Goh in Shanghai; Additional reporting by Li Pei in Shanghai and the Shanghai newsroom; Writing by Engen Tham; Editing by Louise Heavens