Alibaba and WeChat go foreign
Alibaba and WeChat, the two big players for China’s tech-savvy shoppers, now want to tap the spending power of inbound foreign tourists. Both companies said foreign travelers will be able to link their overseas issued credit cards to the payment apps. The two payment apps have also made inroads in countries popular with Chinese travelers such as Singapore, Japan and the US.
Foreign visitors are now able to download the international version of the Alipay app and link their Visa, MasterCard, or JCB card to the app. WeChat Pay said its app will also support American Express cards. According to a recent World Economic Forum report, the mobile payments market in China generates about $41.3 trillion in total spend.