(Yicai Global) April 7-- WeChat Pay, a mobile payment service developed by Chinese internet giant Tencent Holdings Ltd. [HK:0700], will formally enter the British market next month, and the UK will become the second European country to accept WeChat payment after Italy, China Daily reported online.
Tencent will partner up with the local payment platform, Tramonex Labs Ltd., to introduce its payment service to more British retailers, meaning that WeChat users in the UK will be able to use WeChat Pay for local transactions.
The company is also planning to embark on cooperation with French and German shopping malls in future.
The number of Chinese people traveling abroad has continued to increase, bringing with them Chinese mobile payment services to foreign markets. In addition to WeChat, Alipay, the payment arm of Alibaba Group Holding Inc. [NYSE:BABA] has also successfully broken into many overseas markets.