WeChat Pay is planning to expand its operations and services in the United Arab Emirates (UAE), after an agreement was finalized between Tencent Holdings and UAE-headquartered solutions developer Network International.
Merchants that use Network International in the UAE will soon have the option to set up WeChat Pay-enabled terminals and services. Dubai Mall, one of the biggest shopping centers in the Middle East, is one of several companies that’s planning to use WeChat Pay.
Mall of the Emirates, a major shopping center in Dubai, introduced WeChat Pay facilities last year in February.
WeChat Pay is a leading mobile payment service that is integrated with widely-used Chinese social messaging application WeChat, which has over one billion users (mostly in China).
The combined daily transaction volume through WeChat’s mobile wallet app surpassed one billion transfers back in 2018. The company recorded a year-on-year growth in total transaction volume of 450-500%.
Paul Clarke, group head of product and innovation at Network International, stated:
“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.”
Network International confirmed in March of last year that it intends to float on the London Stock Exchange. The firm notably acquired a £300 million investment from Mastercard.