17-Oct-18, South China Morning Post

Singapore electronic payments provider Nets is in talks with Tencent Holdings’ WeChat Pay to allow users of its NetsPay digital wallet to make mobile payments in mainland China.

Singapore e wallet NetsPay in talks with WeChat Pay for cross border payments (c) SCMP

Image: South China Morning Post

The partnership will allow NetsPay users to scan QR codes in stores accepting WeChat Pay on the mainland and settle purchases in Singapore dollars. Negotiations are still ongoing and a final deal has not yet been reached.

If finalised, NetsPay will be the first third-party digital wallet to link with WeChat for cross-border payments in China. This would be convenient for visitors to China because mobile payments have become so prevalent that the central bank had to issue a reminder to merchants not to refuse to accept cash.

 Read the full article  

 Financial & Business Services insights