1h Free Analyst TimeTenpay 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 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.
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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. Tenpay is supported by 300 banks and financial institutions. Cross-border transactions are now supported in 64 countries and settled in 24 currencies, including British pound sterling, euros, US dollars, Australian dollars, and Japanese yen.
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. Meanwhile, to support the country’s central bank digital currency initiative, WeChat Pay enabled the Digital Yuan as a payment method on its platform in January 2022.
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
- In April 2005, Tenpay launched.
- In May 2017, Tenpay partnered with Silicon Valley startup Citcon to expand its acceptance network in the US.
- In September 2021, Tenpay partnered with Mashreq Bank to further expand WeChat Pay acceptance in the UAE.
- In March 2022, WeChat Pay launched an electronic receipts feature, allowing merchants to issue electronic receipts when customers use WeChat Pay.
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.
Table of Contents
- Performance Highlights
- Revenue Model
- Products and Services
- Significant Events
- Partner Banks and Financial Institutions in China
- Supporting Merchants
A selection of companies mentioned in this report includes:
- Apple Pay
- Google Pay
- Samsung Pay