Allied Wallet is the world leader when it comes to providing online payment processing. They process payments in 196 countries including China. They recently added WeChat Pay to their platform. WeChat Pay has more than 1 billion active users who pay more most of the things they buy using their smartphones. Mobile payments in China is a $16 billion industry. Cash is now barely used in that country.
People who use WeChat Pay can now use it to fill their Allied Wallet digital eWallet account. People can then use this account to pay for things online, in physical stores, or to send money to other people. Chief Executive Officer Andy Khawaja of Allied Wallet said that he was happy that his company’s product is now compatible with WeChat Pay (LinkedIn) .
WeChat Pay is going to be a huge competitor to Mastercard, Visa, and American Express in the not so distant future. It can already be used to buy things at duty-free shops in the US as well as tourist destinations that are popular with Chinese people. Allied Wallet thought about travelers from China who spend an average of $4,462 when visiting the US on vacation. An executive at WeChat says that they plan a vast expansion into America.
The CEO of Allied Wallet says that how people pay for things is evolving and changing how things are done. He says that it’s pretty clear a lot of people don’t want a credit card given how many more people are using WeChat Pay and other alternatives instead. He said it’s not just in China that alternatives are popular as the same thing can be seen in Europe and across most of the world.
WeChat Pay isn’t the only Chinese firm that Allied has partnered with. They have also partnered with China UnionPay in Europe. Since late 2018, they have been issuing cards to Europeans who have signed up for them. People are buying these so that when they take a trip to Asia they can pay for things. Andy Khawaja pointed out that more than 40 million merchants accept China UnionPay and there are also millions of ATMs that they can be used at.
Find more information about Allied´s services at https://www.alliedwallet.com/pricing/