BNP Paribas launches WeChat Pay in Europe

BNP Paribas launches WeChat Pay in Europe

BNP Paribas is introducing WeChat Pay to retailers in France and subsequently across Europe, providing an opportunity for merchants to streamline the shopping experience for the 7.4 million Chinese tourists who visit the continent each year.

WeChat Pay is being initially rolled out at the two Paris flagship stores owned by the Galeries Lafayette Group - Galeries Lafayette Haussmann and BHV MARAIS.

The integration with WeChat Pay follows a similar agreement struck by the French bank with the messaging service's home-grown rival Alibaba, which has been aggressively pursuing deals for its own Alipay app with Europe's biggest payment processors, banks and eftpos vendors.

Between them, AliPay and WeChat command a 63% market share in digital payments across China and are using their experiences to drive into other aspects of financial services and into new geographies.

WeChat opened an office in London earlier this year and began talks with major European luxury and fashion brands and payments institutions to accommodate the brand at the checkout.

Pierre Fersztand, global head of cash management at BNP Paribas, boasts: "We’re now offering the most comprehensive range of payment solutions on the market aimed at the Chinese customers of our retail sector clients.”

Comments: (2)

Kristian T. Sørensen
Kristian T. Sørensen - Norfico - Copenhagen K 08 November, 2017, 15:10Be the first to give this comment the thumbs up 0 likes

When I saw the headline, I thought "Now it starts!" as I understood it as a real launch also toward consumers and not "just" the acceptance side of things. That the acceptance of these Chinese payment giants is being extended is still big news for the European payment scene.

I will keep looking forward to the day when AliPay or WeChat pay becomes available to European consumers. Any thoughts from the rest of you? When do you think this will happen?

A Finextra member
A Finextra member 09 November, 2017, 03:51Be the first to give this comment the thumbs up 0 likes

it will happen as soon as the acceptance landscape is sufficiently saturated.  These banks do not know what they are doing!   They are paving the highway for their own invasion.