Empowering foreign mobile wallets and financial institutions with seamless access to Chinese QR code payments
LONDON and BEIJING, Oct. 22, 2024 /PRNewswire/ -- Thunes, the Smart Superhighway to move money around the world, today announced the launch of its revolutionary QR Code Payments solution. This innovation allows Members of the Thunes' Direct Global Network - including mobile wallets, neo-banks, and banks with mobile capabilities - to connect directly to China's QR code payment systems operated by the Digital Currency Institute (DCI) and NetsUnion Clearing Corporation (NUCC). Now, users of foreign mobile wallets and financial apps traveling to China can seamlessly make payments by scanning merchant-presented QR codes for payment methods like e-CNY, Alipay, and WeChat Pay, transforming the travel experience for millions.
As China promotes its visa-free travel policies initiative to boost international tourism, Thunes' launch of the QR Code Payments solution is timely. With an anticipated surge in foreign travelers, the ability to pay using QR codes, the preferred payment method in China, is crucial for providing a smooth, convenient, and local-like experience when visiting China.
According to the Payment System Report, published by the People's Bank of China, there has been a 25% reduction in ATMs over the past six years, highlighting the accelerating shift toward a cashless economy. Forbes further reports that mobile payments now account for over 85% of all transactions in China.
Foreign travelers often face significant challenges when paying: traditional foreign credit cards are seldom accepted, especially in street shops and at small to medium-sized merchants. Travelers typically need to download and register with local Chinese payment apps that request sensitive personal data, causing friction and inconvenience. Thunes' QR Code Payments solution addresses these pain points by offering a seamless, secure, and user-friendly payment experience for end-users of foreign financial apps such as mobile wallets and neo-banks.
Thunes is already working with valued Members of Thunes' Direct Global Network, such as Airtel, Hanpass (South Korea), m-Pesa (Kenya), and Vodacom (Tanzania), to make the QR Code Payments solution available for their customers traveling to China. Other Members are expected to join soon, expanding the reach and impact of this innovative solution.
Floris de Kort, CEO of Thunes, stated: "Our Direct Global Network continues to break down barriers for our Members, enabling them to offer their customers unrivaled access to local payment systems worldwide. With this launch, we're empowering our Members to provide their app users the convenience of paying like a local in China, quickly, dependably, and with full transparency. By enabling Thunes' Chinese QR code payments into their apps, mobile wallets, neo-banks, and financial institutions can enhance the user experience while unlocking new revenue streams and leading the way in global payment innovation."
Ian Ferrao, CEO of Airtel Money, said: "Airtel Money has been a long-standing Member of Thunes' Direct Global Network, and Thunes continually adds value for us and our mobile wallet users. Thanks to their innovative solution, Thunes' QR Code Payments will serve as a lifeline for African travelers, allowing them to effortlessly navigate China's digital payment landscape and make purchases with ease, enhancing their overall travel experience."
Jay Choi, Head of Growth Strategy at Hanpass, concluded: "As a Member of Thunes' Direct Global Network, we can offer our customers instant and dependable cross-border payment solutions. With the Thunes' QR Code Payments capability embedded in our application, Koreans visiting China will be able to pay local merchants without the hassle of managing cash or the fear of a transaction being declined. Thunes' innovation enables our mission to always provide the most user-friendly services to our customers."
About Thunes:
Thunes is the Smart Superhighway to move money around the world. Thunes' proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes' Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes' Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes' Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 15 locations, including Abidjan, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco, Sao Paulo and Shanghai. For more information, visit: https://www.thunes.com.
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