WeChat Pay Will Open its Doors to the Indian Market
WeChat Pay: India would open its doors to the Chinese market with the mobile app via the payment system
WeChat Pay is coming to India. The payment system offers the possibility for retailers and e-commerce to accept payments from the Chinese market. WeChat Pay is one of the most important achievements of this year for physical stores and online sales in terms of payment methods.
The Chinese market in India is one of the biggest and most profitable and, thanks to the payment system WeChat Pay, merchants, e-commerce, physical stores, artisans and freelancers have an important tool available to open up more easily to this market and increase the business results.
As per the report from Entrackr, “senior officials of Tencent comprising of Chinese as well as Indians met National Payment Corporation of India (NPCI) executives three weeks ago for obtaining a license for full-fledged payments app.”
In China, WeChat is not just used as a simple messaging system, but also as a means of shopping and shopping online: in 2017 Chinese consumers made over 1 million transactions per minute via WeChat. This data gives us the perception of how a payment system like WeChat Pay can be important to grow your business.
“Tencent already had partnered with three banks – Axis Bank, HDFC and ICICI. It wants to have its own UPI handle (@wechat),” outlined sources.
The app is likely to launch by the end of May-June. “The company is registering an Indian entity for WeChat Pay,”
The sectors that will surely benefit the most from the arrival of WeChat Pay in India are the fashion sector, luxury products, made in India and the hotel and tourism sector.