April 4th, 2017 at 5:34 pm UTC · 3 min read
Through its strategic partnership with payment solution Valoot Technologies, Fintech business Tramonex has begun a cooperation with Chinese messaging app WeChat’s payment feature WeChat Pay. The partnership is aimed at delivering merchant acquiring services as part of the company’s payment solution. In response to rapid shift of e-payments from desktop to mobile, Tramonex’s solution will assist WeChat Pay to capitalize on the growth of Chinese nationals traveling abroad, starting with focusing on the UK and European markets.
Launched in 2013, WeChat Pay provides fast and reliable payment services to users and has rapidly become one of the most popular mobile payment services in China. With a simple user interface, users benefit from this quick, in-app, web-based, QR code payment tool to make purchases in China in RMB or overseas in foreign currencies. Purchases overseas are converted and settled by the WeChat users in RMB for an easy and transparent shopping experience.
Starting today Chinese WeChat Pay users can pay for goods and services when travelling to the UK, using the application on their mobile phones. Visitors will be able to use their local currency, the Renminbi (RMB), to make instant payments to vendors and service providers, from stores to hotels in the United Kingdom, meaning tourists from China traveling within Great Britain no longer need to carry additional currency or a travel card.
Additionally, Tramonex will facilitate the purchase to occur at a reduced cost, generating considerable savings to WeChat Pay users, especially compared to costs from Chinese domestic bank cards.
Amine Berraoui, CEO at Tramonex commented: “Our strategy is to be a business enabler by facilitating payments through the use of technology in order to drive cost savings and efficiencies. As a result, we know we can bring real value to the WeChat Pay solution and the entire team is very excited about this opportunity. This arrangement goes a long way in developing Tramonex’s footprint and awareness within Asia and completely opens up the East to West corridor fulfilling the goal of facilitating ‘global’ flows.”
Tramonex and WeChat are set to launch the new payments infrastructure in second half of March, marking a new milestone in the evolution of the mobile payments industry.
About Tramonex
Tramonex is a financial technology company whose aim is to enable businesses access to innovative solutions designed to make payments in a more efficient and cheaper way. Our unique technology infrastructure allows us to offer services that empower other companies to grow and achieve their business goals.
Understanding banks’ current limitations, customer pain points and markets volatility around us, we have designed solutions that make managing payments and collections not only simpler and more efficient, but also less operationally cumbersome.
Partnering with Tramonex results in substantial savings with regards to hidden costs, and more importantly, puts clients in control over their international working capital. Tramonex is FCA authorised and a regulated payment institution in the UK, and passported in the EU.
About WeChat/WeChat Pay
Developed by Tencent and released in 2011, WeChat was built on the foundation of a thriving innovative ideology and became a marvel of the mobile Internet world, enhancing the lives of hundreds of millions users. WeChat Pay was launched in 2013. WeChat is the sister application of Weixin for users in international markets.