Rebisco group-led Asia United Bank has become the first bank in the Philippines to roll out mobile payments system WeChat Pay, allowing Chinese tourists to conveniently and seamlessly make payments using their electronic wallets.
Now the second-largest mobile payments system, WeChat Pay is embedded in China’s dominant social messaging app, WeChat. Launched in 2013, WeChat Pay caters to the messaging app’s nearly a billion users and has a 43 percent market share in the world.
AUB signed an acquiring license agreement with WeChat developer Tencent to enable Philippine merchants to accept WeChat payments from Chinese tourists.
“We cannot underscore enough the opportunities and tight engagement in this medium. WeChat users spend an average of about 90 minutes and 33 times each day and it is imperative for a technologically-savvy institution like AUB to help make life easier for its massive and thriving Chinese user base,” said AUB chief transformation officer Jacob Ng.
Ng will succeed AUB’s Manuel Gomez in January 2018 as branch banking group head. It was earlier announced that Gomez will become president of the bank on Jan. 1, 2018.
Gomez, who is currently AUB’s executive vice president and head of branch banking group, emphasized the game-changing potential of the new offering. “WeChat Pay levels the playing field for small and big merchants, accommodating nearly every type of purchase and services for Chinese tourists. This partnership harnesses the natural ecosystem of retail in today’s tech-driven world and pushes the innovation and flexibility that AUB has always been known for,” he said.
“WeChat Pay merchants enjoy next-day payments in daily transactions. To be accredited, they simply need to open an AUB deposit account, have a smartphone, an internet connection and download the AUB PayMate App to start accepting QR code-based transactions from WeChat Pay Customers,” said Mags Surtida, vice president and head of AUB’s credit cards business.
WeChat Pay is also now accepted in 15 countries and regions and available in 12 currencies.
China is the Philippines’ third biggest source of inbound tourist group, after Korea and the United States. The Department of Tourism expects Chinese tourist arrivals to breach the one-million mark this year from close to 700,000 in 2016.