WeChat Pay UAE to launch amid rising coronavirus economic fears
(6 March 2020 – UAE) Network International has confirmed WeChat Pay will soon be available to its growing merchant base across the UAE in the midst of coronavirus induced tourism activity declines globally.
The announcement follows an agreement between Network International and Tencent Holdings Limited, official developer of WeChat Pay. WeChat Pay is a mobile payment service embedded in WeChat, the popular Chinese social messaging service that boasts more than 1 billion users registered globally. Network International, the UAE’s largest merchant acquirer, will act as both settlement partner (acquirer) and solution provider to enable mobile-based transactions via WeChat Pay at points of sale and for online purchases.
The global coronavirus contagion continues to spread quickly, denting tourism numbers and breaking supply chains. Goldman Sachs forecasts zero earnings growth for US companies due to coronavirus and global manufacturing has suffered its worst contraction since 2009. The US Federal reserve has cut rates at an emergency meeting over coronavirus worries while the Bank of England (BoE) believes it will have a major but temporary economic impact.
“We are excited to work with Tencent Holdings to offer WeChat Pay to our clients across the UAE. Our agreement brings an incredible opportunity to the UAE’s retail and hospitality sectors, helping them cater to the growing demand from Chinese visitors. As a market leader in end-to-end payment solutions, we are delighted to enable our network of merchant partners in the UAE to keep pace with new technologies, offering them a competitive edge” stated Network International Group Head of Product & Innovation, Paul Clarke.
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