Tencent Holdings launches its WeChat Pay service in Malaysia

With over one billion users, predominately within China, Tencent Holdings is seeking to expand its WeChat Pay services through entering the Malaysian market.

The company has applied for a new license, which would enable users to connect their local bank accounts and pay for goods through the service in their local currency, the ringitt. It will be the first areas outside of China that the company is hoping to expand, according to Reuters. The move will also provide fresh competition for Apple and Samsung Pay services.

Established in 1998, Tencent has become one of the largest internet companies in China, with QQ Instant Messenger, QQ Games and Tenpay all under its umbrella, with over 170 million users. However, with its expansion into Malaysia, the company is ultimately turning Asia slowly into a cashless society through these technologies.

The move will also cater to a rising tourist market, not just within Asia, however. Tencent has also recently partnered with start-up company Stripe, to enable the company to accept payments from Chinese consumers through WeChat Pay within Europe, highlighting its international scope.

Supporting approximately 10 different currencies, Tencent’s move into Europe will lead Tencent’s WeChat Pay to also go up against Alibaba’s Alipay and increase competition through this space.

Source: Reuters