SettleBank partners with Tencent's 'WeChat Pay'..."Korea-China Cross-border Payment Service"

[Asia Economy Reporter Hyunseok Yoo] Fintech company SettleBank announced on the 3rd that it has signed a business partnership agreement with Tencent, the largest IT company in China, for the ‘Wechat Pay’ service and will launch Korea-China cross-border payment services.

SettleBank plans to provide a service that allows Chinese Wechat Pay customers to make payments more easily with Wechat Pay at domestic merchants through its simple cash payment solution.

SettleBank holds an unrivaled No. 1 position in the domestic simple cash payment market with its outstanding technology. Based on its service operation know-how, it will introduce differentiated cross-border payments together with Wechat Pay. In addition, it plans to expand the use of Wechat Pay by linking not only SettleBank’s large merchants but also various small and medium-sized partner merchants.

In particular, SettleBank intends to significantly enhance service convenience by responding in real time to Wechat Pay customers and merchants through its currently operating 24-hour CS call center.

SettleBank stated, “Based on 20 years of accident-free stable payment solution operation experience, we will make every effort to ensure that Wechat Pay customers can safely use the service in Korea,” and added, “We will continue to expand partnerships with global companies for the convenience of customers of various nationalities visiting Korea and accelerate the era of cross-border payments.”

Meanwhile, Wechat Pay, a mobile payment platform provided by Tencent, the largest IT company in China, has over 800 million monthly users and an average daily transaction volume of 1 billion payments.