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The Chinese are conquering Europe: Tencent launched a payment system in Europe

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The Chinese are conquering Europe: Tencent launched a payment system in Europe
July 10
09:00 2017

Interesting news came from China this morning. The fact is that Tencent announced the launch of the payment system WeChat Pay on the territory of the European Union. We recall that Tencent is the largest Internet provider in China. Next year the company is celebrating its twentieth anniversary. The company is known primarily for its two services: the network for the exchange of fast messaging QQ and the system for the transmission of voice and text messages WeChat. At the moment WeChat can boast a monthly audience of almost a billion people (mainly residents of China and other Asian countries). About 600 million people make payments through the interface WeChat.
The processing company Wirecard, which is located in Germany, has become WeChat’s partner to conquer Europe.
Tencent Corporation counts on the demand for this service primarily among the Chinese tourists in Europe. Their number is increasing year by year; the usual action for guests from China is payment of goods and services through mobile payment systems.
Tencent expects to drive out Alipay (owned by Alibaba Group), which has been operating in the EU for 2 years, since 2015.

The material was prepared with the participation of  Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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