WeChat Payment mulls entry into Hong Kong, Macau

WeChat Payment, a mobile payment service provided by China’s Tencent Holdings Ltd., is mulling the launch of its services in Hong Kong and Macau, Business Daily has learnt.
WeChat Payment has an intended entry into Hong Kong before the Chinese New Year in February in collaboration with CITIC Bank International and Bank of East Asia amongst the first batch of banks to provide its mobile payment service, Chinese language newspaper Hong Kong Economic Journal reported on Monday citing anonymous sources.
The scope of services covered in Hong Kong would include shopping payments and the payment of bills and credit card repayments, the publication reported.
Business Daily has sought to confirm the report with WeChat Payment but did not receive a reply by the time the story went to press. The company also did not confirm if its mobile payment solutions will also be extended to Macau.
But a source familiar with WeChat Payment’s international business has told Business Daily that the Chinese mobile payment giant has considered entering Macau.
As required by local financial laws, outside third-payment or mobile payment firms can only conduct their activities here via a partnership with a local credit institution recognised by the Monetary Authority of Macau (AMCM).
Currently, Mainland Chinese payment service company Alipay has been conducting third-party payment services here via a partnership with local stored-value card issuer Macau Pass SA, whereby Macau Pass acts as the acquirer for Alipay and provides clearing services for it.
Macau Pass and Alipay are also both the accepted payment gateway for locally established e-shopping website MacauMarket.com.
The format for WeChat Payment’s intended entry into Macau would be largely similar to Alipay’s, which is still pending approval by the Monetary Authority here, the source told Business Daily.