Alternative Payment Solution: Tenpay
Tenpay is the second-largest online payment platform in China, behind only Alipay. It was launched by Tencent, China’s leading internet company, in 2005. Tenpay supports online, in-app, and in-store payments in China and abroad. Tenpay users can make fund transfers to other users’ Tenpay accounts or their bank accounts. Users can also make mortgage and credit card payments, and can even invest in various financial products. Tenpay parent Tencent also owns popular social media platforms including QQ Messenger and WeChat, and has integrated payment services into these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.
Tenpay accounts for 34% of the total third-party mobile payments market in China. It is mainly concentrated in China, although it has expanded its services to select international markets, focusing on overseas merchants where Chinese tourists are likely to shop. It partnered with German payments company Wirecard in July 2017 to launch its mobile payments service WeChat Pay across Europe, allowing Chinese tourists to make payments at European merchants. Local residents in countries like South Africa and Hong Kong can also make in-store payments using WeChat Pay.
Tenpay is supported by 80 banks and financial institutions. Cross-border transactions are now supported in 25 countries and settled in 12 currencies, including pound sterling, euros, US dollars, Australian dollars, and Japanese yen.
The report provides information and insights into alternative payment solution Tenpay, including -
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