Alternative Payment Solution: Tenpay
Summary
Tenpay is the second-largest online payment platform in China, behind only Alipay. It was launched by Tencent, China's leading internet company, in 2005. Tenpay supports online, in-app, and in-store payments in China and abroad. Tenpay users can make fund transfers to other users' Tenpay accounts or their bank accounts. Users can also make mortgage and credit card payments, and can even invest in various financial products. Tenpay's parent Tencent also owns popular social media platforms including QQ Messenger and WeChat, and has integrated payment services into these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.
Tenpay accounts for 38.9% of the total third-party mobile payments market in China. It is mainly concentrated in China, although it has expanded its services to select international markets, focusing on overseas merchants where Chinese tourists are likely to shop. It partnered with German payments company Wirecard in July 2017 to launch its mobile payments service WeChat Pay across Europe, allowing Chinese tourists to make payments at European merchants. Local residents in countries like South Africa, Hong Kong, and Malaysia can also make in-store payments using WeChat Pay.
Tenpay is supported by 80 banks and financial institutions. Cross-border transactions are now supported in 40 countries and settled in 13 currencies, including pounds sterling, euros, US dollars, Australian dollars, and Japanese yen.
The report provides information and insights into alternative payment solution Tenpay including-
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones.
Scope
- In April 2005, Tenpay was launched by Tencent.
- In February 2016, WeChat Pay launched in Hong Kong for local residents for in-store payments.
- In August 2018, WeChat Pay launched in Malaysia for local residents, allowing them to make fund transfers and payments at physical stores.
- In November 2018, it partnered with Yandex.Checkout, to increase its acceptance network in Russia.
Reasons to buy
- Gain insights into Tenpay's business operations and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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