A mobile payments battle starts in Southeast Asia by Ant Group and Tencent

Aug 06, 2020 Tencent Alibaba Group

On July 28, Chinese tech giant Tencent has just made its third-party payment platform WeChat Pay available in Turkey for direct payments by tourists. 

Chinese companies, such as Ant Group and Tencent, have already launched mobile payment competition overseas. Alipay and WeChat Pay have penetrated hundreds of overseas cities, enabling Chinese tourists to make direct purchases without the need to exchange currencies.

But serving only Chinese tourists isn't enough, therefore, the giants like Ant Group and Tencent want to reach more local users overseas, and the first market that they try to grab is Southeast Asian market.

The Internet penetration in Southeast Asia is growing at a high rate, the mobile payment market has great potential, which attracts lots of companies to enter the market. The strategy adopted by Ant Group is to invest in the use of local e-wallet brands, bringing its experience and technology to the local and "copying" Alipay in various Southeast Asian countries. While WeChat Pay has chosen to apply for local payment licenses in Southeast Asian countries to promote mobile payments on its own platform.