- Strategic payment partnership makes platforms available to greater number of US merchants
- Gives US businesses more access to growing Chinese mobile payments market
- Chinese consumers traveling abroad will have more flexibility to shop US retailers using familiar payment methods
Leading commerce solutions provider Veea Inc. has announced a partnership with international mobile payment firm CITCON that promises to make Alipay and WeChat Pay available to even more US-based retailers.
US merchants that use VeeaPay will now be able to accept cross-border payments from Alipay and WeChat Pay users. Businesses can also use the VeeaConnect platform for marketing and promotion, and mobile users can search for nearby retailers that accept Alipay and WeChat Pay with the Veea app.
According to data released last year, China has the largest mobile payments market in the world. Of the roughly USD $12.8tn in mobile transactions in 2016, 54% of those belonged to Alipay and 40% of market share belonged to WeChat Pay.
Veea CEO Allen Salmasi said that the partnership with CITCON grew from a desire to help US merchants tap into this growing payments sector. Salmasi noted that extending Alipay and WeChat Pay capability to these businesses helps retailers and restaurants gain greater access to the billions of dollars Chinese tourists spend in the US each year, but also gives international customers a better experience by offering them familiar payment solutions.
"By accepting Alipay and WeChat Pay, merchants stand out from competitors by offering a unique and accommodating shopping and dining experience," said Salmasi.
CITCON president and COO Wei Jiang echoed this sentiment.
"Chinese consumers traveling internationally want to have the ability to pay for goods and services in the method that is comfortable, convenient and familiar to them," Jiang said.
