WeChat and Alipay Open Doors for Foreign Credit Cards: Ease for International Tourists in China

Tencent Holding Ltd (OTC:TCEHY) and Alibaba Group Holding Limited (NYSE:BABA) fintech affiliate Ant Group extended support for linking international credit cards to their platforms, a longstanding issue for foreign visitors in China's payment system.

WeChat users overseas will soon be able to link Visa Inc (NYSE:V) credit cards to their app, allowing them to pay with WeChat while traveling in mainland China.

The move aims to provide greater convenience for foreign tourists and expand the usage of WeChat Pay in China's market.

Mastercard Inc (NYSE:MA) recently allowed cardholders to link their credit or debit cards to the Alipay digital wallet, allowing them to "pay like a local." Alipay is a mobile payment app owned by Ant Group.

Previously, foreigners in China had to set up a Chinese bank account to access Tencent's and Ant's mobile payment networks.

Tencent and Ant partnered with Visa and Mastercard in 2019 to enable using foreign cards on their platforms. However, the initiatives were on hold due to the pandemic and declining international arrivals to China.

As China began reopening this year, the plans to allow foreign credit cards on Tencent's and Ant's platforms have gained momentum.

Tencent and Ant are expanding access to their ecosystems, enabling foreign cards for various goods and services, including food purchases and life insurance.

In 2019, before the pandemic, international tourists spent $131 billion in mainland China.

Price Action: TCEHY shares closed higher by 2.74% at $43.57 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.