WeChat Pay held a WeChat Pay Overseas Open Conference in Tokyo on July 3, 2017, launching an open platform of WeChat Pay for overseas merchants.
WeChat Pay is a payment feature integrated into the WeChat app, users can complete payment quickly with smartphones. WeChat has Quick Pay, QR Code Payments, In-App Web-Based Payments, and Native In-App Payments, all to fulfil the full range of scenarios your customers expect to fulfill different payment situation.
Combined with WeChat official accounts, WeChat Pay service explores and optimizes o2o consumption experience, provides professional internet solutions for physical business. It is the best choice of mobile payments.
Overseas merchants and service providers can apply online for WeChat Pay payment services taking 7 to 15 working days. As WeChat lowers its requirement for its payment service integrations, WeChat Pay sees fast growth in Japan. Its peak transactions in June were 40 times as much as it was in January 2017.
The number of merchants integrating WeChat Pay has increased by over six times in Japan according to WeChat; and, the number of transactions has increased by 16 times in June from this January. Chinese outbound tourists can pay by RMB directly skipping the trouble of foreign currency exchange.
When the buyer has completed the payment, the amount will be allocated to a partner settlement bank for currency exchange. After collecting payment from the buyers’ account instantly, WeChat Pay will buy foreign currency in T+1 day according to the spot rate that the settlement bank provides. When vendors’ turnover accumulates to 5000 USD (lower limit), we will transfer payments to the receiving bank account of vendors immediately.
In addition to payment services, WeChat offers overseas merchants other products including membership, vouchers, advertising on Moments and WeChat Official Accounts. It also offers marketing and technical supports.
WeChat Pay support major currencies including but not limited to GBP, HKD, USD, JPY, CAD, AUD, EUR, NZD, KRW settlement. WeChat Pay will have settlement with vendors according to the price in local currency. For unsupported currencies, trade can be made through settlement on US dollar.