Adyen, the payments company powering global commerce for Uber, Facebook and Netflix amongst others, has added WeChat Pay to its portfolio of local payments methods.
It is the first major payment service provider to integrate WeChat Pay into its offering on a global scale – providing businesses with access to 400 million Chinese shoppers.
China is at the forefront of the revolution in mobile payments that is powering global ecommerce growth. 15% of China's total population is expected to make a cross-border purchase by the end of 2016 – amounting to $86 billion in transaction value. By 2020, we expect this to increase to as much as 75%. This will have a significant impact on the global ecommerce market.
"We need to be where our customers are – and as a British-made brand we have a huge following from customers in China. Mobile commerce is vital for this market, especially for the younger urban Chinese shopper. WeChat Pay is essential for targeting this exciting demographic," said Natalie Zhu, China Marketing Manager, The Cambridge Satchel Company. "Our global partnership with Adyen allows us to roll out new local payment methods as they become relevant to our customers, hassle-free".
"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," said Adyen CCO Roelant Prins. "This is especially appealing to travel businesses and high-end retailers."
WeChat Pay is the latest addition to the constantly evolving suite of local payment methods offered by Adyen. WeChat, originally a messaging app, has evolved into a digital ecosystem featuring payments integration that is already used by half of WeChat's 800 million users.