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Visa announces partnership with Tencent to gain access to WeChat Pay network in China

Visa Inc. said it welcomed an announcement by Tencent, the parent of WeChat Pay, that it plans to support international card schemes in its mobile wallet. 

"Visa believes this is a great step forward, both for consumers traveling to China and the overall payments industry," the company said in a statement issued yesterday. "In a truly global commerce environment, collaboration is essential to provide consumers with a seamless payment experience."

The company said it was excited to work with Tencent on a "secure, convenient and interoperable mobile payment experience that will benefit the large number of international travelers visiting China."

Visa said the partnership will allow Visa cardholders to use their Visa cards in millions of locations where WeChat Pay is accepted in China.