Under a newly signed memorandum of understanding, the collaboration focuses on smoothing cross-border payments for foreign visitors and integrating Visa Direct to transfer funds into Tencent's Weixin Pay ecosystem. The initiative also explores agentic commerce solutions driven by artificial intelligence, subject to applicable regulatory standards. This expansion comes directly after the People's Bank of China authorized Visa to prepare for a domestic bank card clearing business. The regulatory approvals also coincide with broader openings, including Citigroup's newly permitted wholly owned securities venture in Shanghai.
Key points
Regulatory clearances for major American financial institutions followed an agreement bet…: Regulatory clearances for major American financial institutions followed an agreement between Donald Trump and Xi Jinping during talks in Washington.
Overseas consumers will gain the ability to transfer inbound funds into the Weixin Pay ec…: Overseas consumers will gain the ability to transfer inbound funds into the Weixin Pay ecosystem via Visa Direct.
Tencent continues to broaden its international partnerships, building upon an earlier pay…: Tencent continues to broaden its international partnerships, building upon an earlier payment security integration with Mastercard on its Midas platform.
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Tencent and Visa are expanding their partnership in cross-border payments and AI-powered commerce, the companies said Thursday, deepening their push into China’s payments market.
The agreement follows fresh regulatory approvals for U.S. financial firms in China, with Visa and Citi receiving the green light this month to expand their operations in the world’s second-largest economy.
Under the memorandum of understanding, Tencent and Visa will explore ways to make payments easier for travelers entering and leaving China while expanding their cross-border money transfer partnership.
The companies also plan to develop payment solutions that would allow travelers to pay participating merchants through Tencent’s Weixin Pay and Visa networks, subject to regulatory requirements.
They also aim to expand their collaboration through Visa Direct, Visa’s money transfer service, making it easier for overseas users to send funds into the Weixin Pay ecosystem.
The partnership will also extend to agentic commerce, an emerging form of online shopping in which AI agents can help consumers find, select and purchase products or services.
Dowson Tong, Tencent's senior executive vice president and CEO of its Cloud and Smart…
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