Tenpay is the second-largest online payment platform in China, behind only 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. 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. Tenpay parent 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 34% of the total third-party mobile payments market in China. It is mainly concentrated in China, although it has expanded its services to select international markets, focusing on overseas merchants where Chinese tourists are likely to shop. 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. Local residents in countries like South Africa and Hong Kong can also make in-store payments using WeChat Pay.
Tenpay is supported by 80 banks and financial institutions. Cross-border transactions are now supported in 25 countries and settled in 12 currencies, including pound sterling, euros, US dollars, Australian dollars, and Japanese yen.
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.
- 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 July 2017, Tenpay has 800 million users, which include WeChat Pay and QQ Wallet users.
- In January 2018, WeChat Pay was launched in Italy in partnership with Digital Retex and DOCOMO Digital.
- 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.
- Historic Milestones
- Performance Highlights
- Revenue Model
- Products & Services
- Significant Events
- Partner Banks & Financial Services Providers
- Supporting Merchants
- Bank of China
- China Construction Bank
- Postal Savings Bank of China
- China UnionPay
- Industrial and Commercial Bank of China
- Agricultural Bank of China
- First Global