Camden Market 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 is rapidly extending its reach into Europe. In 2017 alone, EUR 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 ewallets and contactless payments, which are capped at GBP 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.
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