Network International, a premier provider of digital trade support services, has signed an agreement with Tencent Holdings, the developer of WeChat Pay, under which merchants in the UAE can use the WeChat Pay service.
Paul Clarke, head of product and innovation, said:
“We are excited to work with Tencent Holdings to offer WeChat Pay to our clients across the UAE. Thus, our agreement brings an incredible opportunity to the UAE’s retail and hospitality sectors, helping them cater to the growing demand from Chinese visitors.”
“As a market leader in end-to-end payment solutions, we are delighted to enable our network of merchant partners in the UAE to keep pace with new technologies, offering them a competitive edge,” he added.
“WeChat Pay” is a mobile payment service integrated into the famous Chinese “WeChat” social platform that includes more than one billion users.
In addition, the move will enable several Chinese tourists to make transactions securely via their WeChat mobile wallet.
Network International is keen on adopting innovative technology that is designed to boost the UAE retail economy.
Moreover, the company used to provide solutions allowing mobile transactions via WeChat Pay.
UAE at forefront of blockchain tech
Earlier, Cryptolydian reported that major banks in the UAE are adopting digital services to compete in the maturing blockchain industry that has growing customer needs, according to a recent study by Bloomberg Intelligence.
In addition, the study highlighted the importance of fostering digital services in order to boost market share, establish resilient and cost-effective activities, as well as creating an environment facilitating the growth of financial technology.
Most importantly, the increase in IT spending may lead to the merger of small banks, as their larger counterparts may invest in the renewal of the systems they adopt.
On the other hand, the Arab Monetary Fund (AMF) has launched Buna Payment Platform to enhance the financial integration opportunities.
In addition, the move aims to boost economic and investment ties with trading partners in the Arab world.