Tencent views the growing interconnectedness of QR payment systems in Southeast Asia as a strategic opportunity for its mobile payment and e-wallet service, WeChat Pay.
During an interview with Tech in Asia at the Money 20/20 conference, a Tencent executive highlighted the potential for WeChat Pay to explore interoperability among digital wallets by joining cross-border QR systems. This move could facilitate seamless transactions for tourists traveling to and from China.
Wenhui Yang, the deputy managing director of business development at Tenpay Global, Tencent’s cross-border payments unit, emphasized the benefits of unifying infrastructure for economic growth on both sides.
Tenpay Global previously launched a successful campaign connecting over 10,000 merchants in Singapore’s hawker centers using SGQR with Weixin Pay in 2022. Yang expressed optimism about replicating similar initiatives across Southeast Asia.
The proposed region-wide integration would allow Chinese users to scan QR codes from Southeast Asian countries while linking WeChat Pay with other regional digital wallets. Japan is also considering a similar initiative.
Yang acknowledged the need for Tenpay Global to enhance its branding efforts overseas, recognizing that Tencent’s primary focus remains on China, where WeChat Pay boasts nearly 935 million active users.
However, in cross-border payments, Tenpay Global faces stiff competition from Alipay+ due to WeChat’s limited utility abroad, according to analysis by fintech consulting firm Kapronasia.
Despite this, Alipay+ has been aggressively expanding in Southeast Asia and other overseas markets in recent months.
