How to Reach Chinese Consumers and Boost your Small Business
In China, most people don’t use credit cards to make purchases. Now, this doesn’t necessarily mean that they’re living in a society dominated by cash though. China has adopted a different type of payment method.
Much like how we can use Apple Pay or Android Pay on our mobile devices, China uses its own mobile payment methods. Mobile apps, such as Alipay and WeChat Pay, are used to make payments that link right to a Chinese bank account. Up until 2016, these apps were exclusive for use in China only, but now thanks to FinTech Company Motion Pay, these payments can now be accepted by businesses in Canada.
Through our partnership with MotionPay, Prospera Credit Union earned the spot as the first Credit Union in Canada to offer this point of sale (POS) payment solution to its business members.
How does Alipay and WeChat Pay work?
The most cost effective method is to have the customer scan the seller’s unique QR code to initiate the payment. The seller will receive a text notification once the transaction has been approved. This method only requires a specific QR code given at the time of setup.
For a larger scale operation, the seller can purchase a specialized POS terminal to accept the payment by scanning the buyer’s unique QR code on his/ her mobile device.
In both methods, the payment leaves the customer’s account in the local Chinese RMB, and is exchanged to our local Canadian dollar to be deposited in the business’s account.
How will accepting Alipay and WeChat Pay benefit your business?
If you have a business in the tourism, education, retail, or food and restaurant sector, you will make doing business with your company more convenient for the Chinese consumer market.
With 61% of Chinese tourists using this method to pay for products or services in Canada alone, mobile device payments through apps such as Alipay and WeChat Pay have quickly dominated the payments market.
As Chinese are legally only allowed to travel with the equivalent of $5,000 USD, it’s a no brainer that Chinese tourists prefer this mobile payment method.
Where can you learn more about Alipay and WeChat Pay POS solutions?
If you’re already a Prospera Credit Union business member book an appointment with an advisor to learn more – if you’re not a member, signing up to become a business member is easy!