Tencent and Visa plan cross border payment solutions in China
Tencent and Visa are teaming up to make cross-border payments smoother for travelers in China.
The two companies plan to develop payment solutions that would allow travelers to pay participating merchants through Tencent's Weixin Pay and Visa networks, subject to regulatory requirements.
The companies also plan to upgrade money transfers with Visa Direct, aiming for more seamless payment experiences.
PBOC approves domestic card clearing preparations
Tencent and Visa have been working together since 2019, when Visa announced plans to allow international Visa cardholders to make payments through WeChat Pay in China.
This latest move follows the People's Bank of China's approval earlier this month to begin preparations for a domestic bank card clearing business, a huge step for foreign financial companies trying to enter the Chinese market.