Tenpay – Competitor Profile

2020-09-07
Price :
Published : Sep-2020
No. of Pages : 20

Tenpay – Competitor Profile

Summary

Tenpay is the second-largest online payment platform in China, behind only Alipay. It was launched in 2005 by Tencent, China’s leading internet company. 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 even invest in various financial products. Tencent also owns popular social media platforms including QQ Messenger and WeChat, and has integrated payment services into these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly.

Tenpay accounts for around 38.8% of the third-party mobile payments market in China. It 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. In July 2017, it partnered with German payment company Wirecard to launch WeChat Pay across Europe, allowing Chinese tourists to make payments at European merchants. Local residents in countries such as South Africa, Hong Kong, and Malaysia can also make in-store payments using WeChat Pay.

Tenpay is supported by 300 banks and financial institutions. Cross-border transactions are now supported in 49 countries and settled in 24 currencies, including pound sterling, euros, US dollars, Australian dollars, and Japanese yen. In March 2020, WeChat Pay launched virtual credit card Fenfu, enabling WeChat Pay users to make purchases and pay later in instalments.

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, including its revenue model
– The company’s important events and milestones

Scope

– In April 2005, Tenpay was launched.
– In January 2020, Tencent launched a money transfer service, enabling users in China to transfer money from WeChat Pay to QQ Wallet.
– In January 2020, Tenpay launched an offline QR-code payments service, enabling users to make payments without requiring an internet connection. Currently, the service is available for payments made on Spring Airlines flights.
– In July 2020, Tencent launched Minishop, a tool enabling merchants to create virtual shops within the WeChat messenger app. Consumers can shop, purchase flight tickets, and make payments, all within the app.

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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