Tencent’s WeChat Pay expands presence in Korea

[THE INVESTOR] Chinese internet giant Tencent said Aug. 22 that it would expand its mobile payment service WeChat Pay in Korea in a bid to better cater to the increasing number of Chinese travelers to the nation.

“Korea is one of the favorite destinations for Chinese travelers. Tencent is pleased to be able to expand its payment service in the Korean market and will provide better services for Chinese visitors with WeChat Pay,” said Lilian Huang, director of Tencent’s business operations. 

Since April 2015, WeChat Pay has been available in Korea, but only at limited locations, mainly retail and duty free shops, including the Shilla Duty Free, Lotte Duty Free, and Shinsegae Department Store.

With the latest planned expansion, there will be more venues where Chinese consumers can pay for their purchases with WeChat Pay in Korea, Tencent said.

This will become possible based on new partnerships Tencent has forged with local banks, card companies and value-added network firms, including Hana Card, Woori Bank, Shinsegae I&C and NICE Information and Telecommunication.

The number of Chinese travelers to Korea has been on a constant rise in recent years, hitting a record 910,000 in July, according to data.

From January to July, a total of 4.73 million Chinese tourists visited Korea, accounting for 48 percent of all international visitors to Korea.

By Kim Young-won (wone0102@heraldcorp.com">wone0102@heraldcorp.com)