Payments firm Adyen expands with WeChat
Payments company Adyen, used by Uber, Facebook and Netflix, has announced that it has added WeChat Pay to its portfolio of local payment methods. It is the first major payment service provider to offer WeChat Pay on a global scale, enabling businesses to access 400 million Chinese shoppers.
15% of China’s total population is expected to make a cross-border purchase by the end of 2016 and that will total $86 billion in total transactions. By 2020, Adyen expects this total to increase to as much as 75%. That presents an excellent opportunity forcompanies who are looking to expand their online businesses into China.
Adyen CCO Roelant Prins says: “We are very excited to support WeChat Pay. When combined with our existing UnionPay and Alipay integrations, it gives businesses access to the world’s biggest ecommerce market with a single partner. This is the final key to unlocking full access to the Chinese shopper. This is especially appealing to travel businesses and high-end retailers.”