Competitor Profile: Tenpay 2025
Summary
Tenpay is one of the most popular alternative payment solutions in China. It was launched in 2005 by Tencent, which is one of China’s leading internet companies. Tenpay supports online, in-app, and in-store payments both in China and abroad. Tenpay users can make peer-to-peer (P2P) transfers to other users’ Tenpay accounts or bank accounts. Users can also make mortgage and credit card payments and can invest in various financial products. Tencent also owns popular social media platforms including QQ Messenger and WeChat; it has integrated payment services into these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.
Tenpay 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. Cross-border transactions are now supported for 69 countries and settled in 29 currencies, including British pound sterling, euros, US dollars, Australian dollars, and Japanese yen. In March 2020, WeChat Pay launched the Fenfu virtual credit card, enabling WeChat Pay users to make purchases and pay in installments.
In September 2021, Tencent integrated its WeChat Pay service with UnionPay’s mobile payment solution UnionPay Mobile QuickPass, allowing WeChat Pay users to scan QuickPass QR codes and make payments. This move further enhances WeChat Pay’s merchant acceptance network. In May 2023, Tencent launched biometric palm-based payments for WeChat Pay users in China. This enables users to make transit payments by waving their hand over metro station scanners.
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