Competitor Profile: Tenpay

Competitor Profile: Tenpay

Competitor Profile: Tenpay

Summary

Tenpay is the second-largest online payment platform in China, behind only Alipay. It was launched in 2005 by Tencent, China’s leading internet company. Tenpay supports online, in-app, and in-store payments both 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. 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 around 40% of the third-party mobile payments market in China. It is concentrated mostly in China, although it has expanded its services to select international markets, focusing on overseas merchants where Chinese tourists are likely to shop. In July 2017 it partnered with German payment company Wirecard to launch WeChat Pay across Europe, allowing Chinese tourists to make payments at European merchants. Local residents in countries such as South Africa, Hong Kong, and Malaysia 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 49 countries and settled in 17 currencies, including pound sterling, euros, US dollars, Australian dollars, and Japanese yen.

The report provides information and insights into Tenpay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performance, including its revenue model
• The company's important events and milestones

Scope

• In April 2005, Tenpay was launched.
• In December 2018, introduced an automated parking payment system, enabling users to pay for parking via WeChat accounts in China.
• In January 2019, partnered with Sri Lanka’s Commercial Bank of Ceylon, enabling Chinese tourists to make in-store payments via WeChat Pay in Sri Lanka.
• In October 2019, launched money transfers using mobile numbers for iPhone users.

Reasons to buy

• Gain insights into Tenpay's business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.