Stripe has expanded its collaboration with Tencent by introducing the Weixin Pay functionality to its Stripe Terminal product, enabling users to conduct offline transactions in 20 countries around the world.
These 20 countries include Australia, Canada, France, Germany, Italy, Singapore, the United Kingdom, and the United States. This integration represents a further advancement based on the long-standing partnership between the two companies that dates back to 2017.
This move allows merchants using Stripe to accept Weixin Pay (internationally known as WeChat Pay) both in online and physical retail scenarios. Previously, Weixin Pay was only available for Stripe's online payment services.
Targeting the Global Chinese Consumer Base
Weixin Pay, which is part of Tencent's Weixin ecosystem, is a digital wallet application with over one billion monthly active users. Beyond the Chinese mainland, Tencent is making efforts to reach out to the more than 50 million Chinese expatriates overseas, many of whom are already accustomed to mobile-centric payment methods.
Stripe has stated that merchants on its platform have already seen increased revenues from Chinese consumers after adopting local payment methods such as Weixin Pay. With the support for offline Weixin Pay transactions on Stripe Terminal and its latest devices, such as the Stripe Reader S700, the company anticipates that merchants catering to this demographic will experience further revenue growth.
This cooperation also includes support for Tencent's "Global Gift Pack Mini Program." This tool helps merchants interact more directly with Weixin users within the Weixin App and enhances the brand visibility of merchants among overseas consumers. Stripe merchants who have integrated this system can utilize this mini program.
The real-world application scenarios of Weixin Pay cover educational institutions and retail services. For example, Torrens University Australia uses Stripe to process tuition payments from international students, and the Asian food delivery platform HungryPanda has expanded its customer base in the UK by integrating Weixin Pay.
Tencent has indicated that the cooperation with Stripe is part of its efforts to support a unified global business experience. Stripe emphasizes that integrating payment data from both online and offline sales channels into a single management dashboard can help merchants better track their business performance and manage fraud risks.
