Alternative Payment Solution: Tenpay

2017-09-04
Price :
Published : Sep-2017
No. of Pages : 19

Alternative Payment Solution: Tenpay

Summary

Tenpay is the second-largest online payment platform in China after Alipay. It was launched by Tencent, China’s leading internet company, in 2005. Tenpay supports online, in-app, and in-store payments in China and abroad. In addition, Tenpay users can make fund transfers to other users’ Tenpay accounts or their bank accounts. As well as enabling payments in-store and online, it also allows users to make mortgage payments and credit card payments, and to invest in various financial products.

Tenpay parent Tencent also owns popular social media platforms including QQ Messenger and WeChat, and has integrated payment services in these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.

Tenpay accounts for 37% of the total third-party mobile payments market in China. It is mainly concentrated in China, although it has expanded its services to a few international markets, focusing on overseas merchants where Chinese tourists are likely to shop. For instance, it partnered with German payments company Wirecard in July 2017 to launch its mobile payments service WeChat Pay across Europe, allowing Chinese tourists to make payments at European merchants. In addition to Chinese users, it also allows local residents in countries like South Africa and Hong Kong to make in-store payments using Tenpay.

The report provides information and insights into alternative payment solution 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, including its revenue model
- The company’s important events and milestones

Scope

- In April 2005, Tenpay was launched by Tencent, China’s leading internet company.
- In May 2011, Tenpay has received third-party payment license from the central bank.
- As of December 2016, Tenpay has 600 million users, which include WeChat Pay and QQ Wallet users.
- In July 2017, WeChat Pay was launched in Europe in collaboration with Wirecard.

Reasons to buy

- Gain insights into Tenpay’s business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

Filed in: Banking & Finance
Publisher : GlobalData
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