Tenpay - Competitor Profile

Tenpay - Competitor Profile

Summary

Tenpay is one of the most the popular alternative payment solutions in China. It was launched in 2005 by Tencent – one of China’s leading internet companies. Tenpay supports online, in-app, and in-store payments both in China and abroad. Tenpay users can make fund transfers to other users’ Tenpay accounts or their bank accounts. Users can also make mortgage and credit card payments and can invest in various financial products. Tencent also owns popular social media platforms including QQ Messenger and WeChat; it has integrated payment services into these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.

Tenpay is concentrated mostly in China, although it has expanded its services to select international markets – focusing on overseas merchants where Chinese tourists are likely to shop. Cross-border transactions are now supported for 65 countries and settled in 26 currencies, including British pound sterling, euros, US dollars, Australian dollars, and Japanese yen. In March 2020, WeChat Pay launched the Fenfu virtual credit card, enabling WeChat Pay users to make purchases and pay in installments.

A Chinese government order issued in September 2021 requires major technology companies to open up their payment services to rival companies. As a result, Alibaba started accepting payments through WeChat Pay alongside its own payment solution Alipay on several of its platforms. In September 2021, Tencent integrated its WeChat Pay service with UnionPay’s mobile payment solution UnionPay Mobile QuickPass, allowing WeChat Pay users to scan QuickPass QR codes and make payments. This move further enhances WeChat Pay’s merchant acceptance network.

The report provides information and insights into Tenpay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performance highlights
• The company's important events and milestones

Scope

• In April 2005, Tenpay launched.
• In December 2017, Tenpay extended partnership with Adyen, allowing its partner merchants to accept offline payments via WeChat Pay.
• In July 2019, Tenpay partnered with integrated payment platform RiverPay, enabling customers at Harrods’ Knightsbridge store to make in-store payments using mobile wallets including WeChat Pay.
• In September 2021, Tencent integrated its WeChat Pay service with UnionPay’s mobile payment solution UnionPay Mobile QuickPass, allowing WeChat Pay users to scan QuickPass QR codes and make payments.
• In May 2023, Tenpay launched biometric palm-based payments for WeChat Pay users in China. This enables users to make transit payments by waving their hand over metro station scanners.

Reasons to Buy

• Gain insights into Tenpay business operations and key events.
• Gain insights into its product portfolio and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.