Thunes QR Code Payments Tool Streamlines Transactions for Travelers Visiting China
Thunes launched a payments tool to help travelers doing business in China.
The company’s new QR Code Payments solution enables foreign mobile wallets and financial institutions to directly access China’s increasingly cashless economy, according to a Tuesday (Oct. 22) press release.
The country has seen a 25% reduction in ATMs over the past six years, and Forbes reported that mobile payments account for over 85% of all Chinese transactions, the release said.
Thunes’ QR Code Payments service connects members of the company’s Direct Global Network, like mobile wallets, neobanks and banks with mobile capabilities, to Chinese QR code payment systems, including e-CNY, Alipay and WeChat Pay. This allows travelers to make payments by scanning merchant-presented QR codes, according to the release.
“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,” Thunes CEO Floris de Kort said in the release. “By enabling Thunes’ Chinese QR code payments into their apps, mobile wallets, neobanks and financial institutions can enhance the user experience while unlocking new revenue streams…”
Thunes is working with several members of its network, including Hanpass in South Korea, M-Pesa in Kenya and Vodacom in Tanzania, to implement the solution for customers traveling to China. Other members are expected to join in the future.
The launch comes as China prepares for an increase in foreign visitors due to a visa-free travel initiative, per the release. After those travelers arrive, they may discover that smaller merchants don’t take foreign credit cards, forcing them to download a local payment app that might require sensitive information.
In May, Thunes partnered with Pomelo on an international money transfer solution from the United States to the Philippines. The credit-based digital wallet solution provides a remittance method that reduces costs and enables users to build their credit history in the U.S.
The solution is enabled by Thunes’ digital wallet integration and Pomelo’s credit-powered remittance capabilities.
In March, Thunes expanded its partnership with Visa into Asia and Africa. Visa will tap into Thunes’ network to send payments to over 108 digital wallet types and bank accounts throughout countries that include Kenya, the Philippines, Indonesia and Pakistan.
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