Chinese mobile-payment giants WeChat Pay and Alipay debut in Canada
Last month, Tourism Toronto announced a new strategic partnership with OTT Financial Group, introducing WeChat Pay into Canada’s tourism businesses to boost travel and shopping consumption by Chinese tourists. This month, Alipay has also been launched in Canada, thus allowing local retailers to expand their mobile-payment offerings.
WeChat is China’s most popular chat app, with over 700 million monthly active users, as of April 2016. The app also offers an abundant range of services including WeChat Pay, which is a mobile wallet that allows the user to pay for goods and services, or transfer money between peers. Alipay is also a popular mobile-payment service adopted by mainland Chinese consumers – Alipay users from five municipalities and provinces made average transactions of more than 100,000 yuan (S$20,360) via Alipay last year, according to an article from China Daily. The use of such services is very common in China, and many mainland Chinese consumers are accustomed to paying via mobile wallets.
China is the largest overseas tourism market for Toronto, and the second largest for Vancouver. In 2006, there were over 300,000 mainland Chinese tourists who visited Toronto, spending an estimated $275 million in the region. By accepting WeChat Pay and Alipay, businesses in Canada are well positioned for growth in sales and profits, as this move reduces the spending barrier for Chinese consumers, who are already familiar with using mobile wallets. At the same time, with the support of WeChat, OTT Pay can assist Canadian merchants to market themselves to Chinese consumers.
“Through this agreement, Chinese tourists, while visiting Ontario, will be able to pay for products and services directly in Renminbi from their WeChat Pay app on their mobile phones,” said Hon Michael Chan, Ontario’s Minister of International Trade. “Congratulations to both OTT Pay and Tourism Toronto on finding innovative and efficient ways to position Ontario as a destination of choice for tourists from China.”
About FOMO Pay Pte. Ltd
FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.