Partnership Enables U.S. Restaurants to Accept Mobile Payments from Chinese Tourists
A partnership with Veea Inc. and CITCON, a cross-border mobile payment company, enables businesses using Veea’s secure payment services to accept Alipay and WeChat Pay payments.
These businesses can also promote their venues through the VeeaConnect platform, while consumers on the Veea mobile application will be able to locate which nearby merchants accept Alipay and WeChat Pay.
This is good news to businesses that cater to foreign tourists, many who are quite adept at using mobile payments. From January to October 2017, government statistics showed that China was the world’s largest mobile payments market, with transactions reaching $12.8 trillion compared to $49.3 billion in the U.S.
A report of the transactions in 2016 showed Alipay made up 54 percent market share, followed closely by WeChat Pay which made up 40 percent. With millions of Chinese tourists visiting the U.S. per year, retailers, restaurants and other businesses that accept these types of payments have a significant advantage.
Enabled through the VeeaConnect mobile app or VeeaPOS, VeeaPay allows merchants to easily process payments while having access to full reporting and analytics tools. In fact, VeeaConnect puts a range of services beyond payment processing in the merchants’ hand, including streamlined staff communication, bookings and targeted marketing. For small merchants who require a full-featured, omnichannel point of sale solution, VeeaPOS offers an integrated, all-in-one POS platform. By working with CITCON, a third-party processor and integrated cross-border payment platform, Veea enables U.S.-based merchants to accept or facilitate Alipay and WeChat transactions.
Veea will be exhibiting at the 2018 National Restaurant Association Show at McCormick Place in Chicago from May 19-22 at Booth 8329.