Want to start accepting payments from Chinese mobile wallets like Alipay and WeChat Pay? In this post, we’ll give you the latest lowdown on how it all works and why your business should embrace these platforms.
Chinese Travelers and Mobile Payments
In 2024, Chinese travelers spent over $1.1 billion during their trips to New Zealand. According to recent statistics, more than 80% of Chinese travelers prefer mobile payments while abroad, reflecting their reliance on Alipay and WeChat Pay for everyday transactions. Few adults in China use credit cards, relying instead on these trusted platforms for everything from buying a coffee to paying utility bills.
Converting cash is costly, inconvenient, and less secure compared to using Alipay or WeChat Pay. For businesses looking to cater to Chinese customers, offering these payment options can lead to higher sales and increased customer satisfaction.
We’ve partnered with New Zealand’s leading Chinese mobile payment service providers to bring you a seamless solution that doesn’t require additional hardware or standalone printed QR codes. Our EFTPOS experts can help you identify the best provider for your business, enabling acceptance of both Alipay and WeChat Pay.
How Does It Work?
If you know how to process an EFTPOS transaction, you’re already halfway there! Accepting Alipay and WeChat Pay is simple and intuitive. Here’s how it works:
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Merchant enters the purchase amount on the EFTPOS terminal.
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Customer selects Alipay or WeChat Pay on your terminal.
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A dynamic QR code is generated onscreen for the customer to scan with their smartphone.
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The customer sees the purchase amount in both New Zealand dollars and their home currency.
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The customer authorises the payment by entering their PIN in the app.
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A receipt is printed, confirming the transaction.
FAQs
What do I need to start accepting Alipay and WeChat Pay on my terminal?
To accept payments from Alipay and WeChat Pay on your Eftpos NZ terminal, you’ll need to onboard with an Alipay/WeChat Pay payment facility provider. Our team can connect you with the right partner to get you started.
What is the Alipay Discover Platform?
The Discover Platform is more than just a directory of businesses that accept Alipay. It’s a powerful marketing tool that uses data on users’ shopping habits to recommend stores, products, and services. For example:
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Alipay notifies users when they are near a store they’ve recently shopped at.
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It suggests complementary products, such as a matching scarf to go with a recently purchased coat.
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For travelers, the app recommends restaurants, retailers, and tourist attractions near their destination, even before they leave China.
How long does it take to get paid after a transaction is processed via Alipay or WeChat Pay?
This depends on your acquirer, but funds are typically deposited within 1-2 business days. Please note that weekends and public holidays may affect processing times.
How do refunds work?
Refunds can either be processed directly on your EFTPOS terminal or through an online merchant portal, depending on your acquirer’s setup. Our team can provide guidance on how to manage refunds effectively.
How much does it cost to add Alipay and WeChat Pay to my payment solution?
We don’t charge any fees to enable Alipay and WeChat Pay on your EFTPOS terminal. However, your acquirer will charge a transaction fee, similar to credit card processing fees. The standard fee is around 2% per transaction.
Can I recoup the fee using a surcharge?
Yes, merchants can pass this fee to customers through surcharges. We recommend aligning this with existing credit card surcharge practices.
Note: There is a $10 + GST monthly fee per terminal to activate surcharging.
Ready to take the next step? Partner with EFTPOS New Zealand and start accepting Alipay today. Visit eftpos.co.nz/chinese-payments for more information.
Download our free guide to Chinese Payments here
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