17-Aug-18, HKTDC

Chinese tourists can now use WeChat Pay to make purchases in Russia, the 17th country to formally accept transactions made via the app. While the service is only open to the three million mainland visitors who make their way to Russia every year, it is ultimately expected to be a payment option for local consumers as well.

WeChat Pay welcomed in Russia as China tourist spending stays high (c) Freer Shutterstock

Image: Freer / Shutterstock.com

Overall, the arrival of the payment system has been welcomed by many of Russia's banks. VTB – the country's second-largest bank – said it is "exploring the options and implications of partnering with WeChat".

Tinkoff Bank, Russia's largest provider of online financial services, said plans were already in place for it to process its first WeChat Pay transactions later in 2018.

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