WeChat Pay, a widely adopted e-wallet payment solution in China and the iconic Camden Market, London’s fourth biggest tourist destination, is the first in the UK to make WeChat Pay available at the point of sale.
Chinese tourists and the UK’s Chinese community will now be able to shop using their preferred payment method as the introduction of the payment system begins and WeChat is implemented in stages across Camden Market.
WeChat Pay has revolutionised payments in China and is now rapidly extending its reach into Europe. In 2017 alone, €1.5 trillion in payments has been processed by WeChat Pay globally and the service accounts for 40% of the Chinese mobile payment market, (according to iResearch).
This is significant for merchants in Europe, as the total amount spent by Chinese tourists exceeds the amount spent by European and US tourists combined, with 50% of luxury purchases in Europe made by tourists from Asia. Unlike some e-wallets and contactless payments, which are capped at £30 per transaction, WeChat Pay offers more flexibility to merchants and consumers. Therefore, it is a competitive differentiator for merchants to be able to offer the payment service.
“Chinese/Asian students and tourists have flooded into London over the last few years. Recently, more and more of these shoppers have started acknowledging the existence of Camden Town. As a retailer, it is our job to create a flexible, convenient shopping experience for our customers and WeChat Pay allows us to do this for our new demographic of visitor,” says Han Chin, Creative Director at Studio Collection.