Tencent's WeChat offers payment services called WeChat Pay, or Weixin Pay.

PayPal users will be able to make cashless payments in China using QR codes through Tencent's WeChat Pay's extensive merchant network, the Chinese technology giant says, in a move calibrated to attract more foreign tourists. Apart from social media and messaging, Tencent's WeChat offers payment services called WeChat Pay, or Weixin Pay, in mainland China. Tencent said in a statement that the feature will be available to US-based PayPal users first, with more markets to follow. Since cashless payments have become increasingly common in China, the move is likely to provide greater convenience to foreign visitors. WeChat Pay and Ant Group's Alipay, part of the Alibaba e-commerce empire, are widely available across China including in taxis and restaurants. Making cashless payments easier for tourists aligns with China's efforts to bring in more foreign tourists, said Gary Ng, a senior economist for Asia Pacific at French bank Natixis. Tourism contributed more than 4 per cent of China's economy in 2024, official data show. China has been expanding visa free access to travellers from dozens of countries including the UK, Spain and Australia. That change has not yet been extended to US travellers, who still need a visa to enter China, except for brief transits for those heading on to third countries. The number of foreign visitors, excluding those from Hong Kong and Taiwan, plunged during the COVID-19 pandemic, when China closed its doors to most foreign arrivals and imposed stringent quarantines in many places. But it has since surged past the nearly 32 million visitors recorded in 2019, to over 35 million last year. Ng said the PayPal move also aligns with a global trend of integration of payment platforms through mutually recognised cross-border QR codes. Ivan Su, a senior equity analyst at Morningstar, said the impact of the QR code option with PayPal initially may be limited in terms of its overall benefit for Tencent given the current low volume of US travellers to China. WeChat Pay has allowed users to link their foreign bank cards since 2019. Tencent also said it will also be offering a transaction fee waiver for first time users linking their international bank cards to WeChat to encourage wider use of that option. Tencent said such transactions by foreign travellers in China jumped nearly 80 per cent year-on-year in January-April

Despite leading the world in domestic payment innovation, Asia's cross-border payment corridors remain among the most inefficient globally.

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