Fintech company Tramonex has entered a partnership with WeChat to integrate its payments infrastructure with WeChat Pay to take advantage of the increasing numbers of Chinese tourists visiting the UK.
The cooperation will allow Chinese WeChat Pay users to purchase goods and services in the UK via the application on their mobile phones. The services available for travelers will range from stores to hotels in the United Kingdom. Tourists will use their local currency, the Renminbi (RMB), to make instant payments, thus they don’t need to carry additional currency or a travel card anymore.
Moreover, WeChat Pay users will be able to cut down expenses as Tramonex will facilitate the purchase to occur at a reduced cost.
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.”
WeChat Pay was started in 2013 as a fast and convenient payment service and very soon won public trust and became one of the most popular mobile payment services in China. The platform offers a simple interface so users can enjoy this quick, in-app, web-based, QR code payment tool to make purchases in China in RMB or overseas in foreign currencies (such purchases are converted and settled by the WeChat users in RMB for an easy and transparent shopping experience).
In its turn, Tramonex aims to show businesses how innovative solutions can allow making payments in a more efficient and cheaper way. Tramonex has developed a unique technology infrastructure to offer services that empower other companies to grow and achieve their business goals.
Initially, Tramonex analyzed banks’ current limitations, customer pain points, and markets volatility to come up with effective solutions that make managing payments and collections not only simpler and more efficient, but also less operationally cumbersome.
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.
In September 2016, Tramonex partnered with DLT Financial to launch the first fund to track DLT10, a new financial index of ten main virtual currencies. The index covers ten different cryptocurrencies, including bitcoin, ether, dogecoin, litecoin, factom, stellar, and ripple.