Tencent’s WeChat Pay enters Hong Kong market
27 September, 2018
From October onward, Hong Kong residents will be able to use WeChat Pay, Tencent’s self-developed digital wallet, to buy high-speed rail tickets and call a cab in mainland China, The Paper reported.
With the support of the People’s Bank of China and the Hong Kong Monetary Authority, WeChat Hong Kong Wallet announced that it has become the first licensed payment tool in Hong Kong to provide locals with reliable mobile payment services.
When the user pays, WeChat Hong Kong Wallet will automatically convert the amount of RMB to be paid into the corresponding Hong Kong dollar amount, and the user can pay through the wallet balance, the bound credit or debit cards.
WeChat Pay has taken two different paths on overseas expansion.
It has entered more than 40 counties and regions to fulfill the increasing cross-border payment needs of Chinese tourists around the world, supporting direct trade in more than 13 currencies.
And in areas with a high number of WeChat users, such as Hong Kong and Malaysia, it has launched its efficient WeChat Wallet business.