July 20, 2017
In three years, WeChat Pay, the payment method spawned by popular Chinese social media app WeChat, has gained nearly as much acceptance by Chinese consumers as online payment pioneer Alipay. For merchants hoping to sell in China, accepting WeChat Pay is a must. Following a similar announcement recently from payment provider Stripe that enabled its merchants to accept WeChat Pay, Atlanta-based 2Checkout said its merchants can do the same, with access to WeChat Pay’s 600 million users.
“E-commerce is on the rise in China and every vendor needs to be able to support the prevalent payment options in this growing cashless, mobile-first market,” said Erich Litch, chief revenue officer for 2Checkout. “As a leading mobile payment method in APAC, WeChat Pay will accelerate our customers’ growth in the region. In our early adopter program, starting June 2017, we saw a positive impact on conversion rates in the region, with increases of over 30 percent.”
WeChat boasts more users than Alipay (600 million vs 520 million) and about as many mobile online transactions, although Alipay accounts for about 60 percent of the mobile payments market by value. 2Checkout was acquired in April by subscription-billing provider Avangate.