Catering to clients from mainland China by providing them with preferred payment options such as WeChat Pay and Alipay can significantly enhance your business prospects. By incorporating these popular payment methods, Chinese visitors to your website or offline store in Singapore will encounter fewer payment-related issues, leading to increased purchase frequency and higher sales potential. Simplifying the payment process, a customer only needs to scan a QR-code, and the transaction is swiftly completed. Now, let's explore some essential tips on how a Singaporean company can set up these Chinese wallets.

What Is WeChat Pay & Alipay?

In China, Alipay and WeChat are prominent mobile payment applications highly favored by Chinese smartphone users. These platforms function similarly to conventional payment gateways like Visa and MasterCard. When making a payment, Alipay and WeChat process the transaction before transferring the funds to the supplier. Due to their convenience and widespread availability, these mobile payment apps are preferred by many users. For businesses, integrating Alipay and WeChat into their payment options presents an excellent opportunity to expand their customer base.

Two ways to Set up WeChat Pay & Alipay

I Open a Chinese Bank Account

To incorporate standard payment methods in China, you can establish a Chinese business bank account without formal registration as a company within the country. Nevertheless, you may encounter various challenges during the process. While the list of required documents can differ among banks, company registration papers and details about the organizational structure are typically mandatory. Approval from the State Administration of Foreign Exchange is necessary for yuan accounts operated by foreign entities. Additionally, in most cases, a personal presence is required when opening the account.

II Without a Chinese Bank Account (Use a Payment Gateway)

Payment gateways serve as intermediaries between you and your clients, acting as e-commerce service providers that facilitate electronic payment processing. Some gateways necessitate the opening of a separate Merchant account, while others provide their own account for your use, like Stripe and FomoPay. These platforms offer comprehensive transaction support, handling technical and banking aspects, and assuming the associated risks on your behalf. They apply a combination of fixed fees and percentage-based fees for each transaction processed.

Step by Step Instructions for Enabling WeChat Pay and Alipay Without a Chinese Bank Account or Credit Card

Great news is, WeChat and Alipay now offer their payment services internationally, extending beyond the China market. Previously, users were required to have a China bank account or credit card to use these mobile apps. However, international companies can now benefit from using WeChat and Alipay without the need for a China bank account or credit card. This means your clients can conveniently make payments through WeChat and Alipay as part of their payment options. Here's a step-by-step guide to setting up WeChat Pay and Alipay without a China bank account or credit card.

Alipay:

• Step 1: Download Alipay from your Google Store or Apple Store.

• Step 2: Enter your mobile number and select the international version of Alipay. You will receive a verification code on your mobile.

• Step 3: Tap on the 'TourPass' icon, resembling a luggage and credit card.

• Step 4: Load cash into your prepaid e-wallet and enter your personal details. Then, add your international credit card information, which will be charged for your Alipay credits. Click 'Confirm and Pay' to complete this step.

• Step 5: To make payments, use the Alipay app and access the 'Pay' or 'Scan' icon on the homepage. Scan the merchant's QR code for payment.

• Step 6: Congratulations! You are now set up to pay for your items on Alipay.

WeChat:

• Step 1: Download WeChat from your Google Store or Apple Store.

• Step 2: Sign up for a WeChat account by entering your mobile number. Receive a verification code via SMS to create your account.

• Step 3: Under 'Me,' tap on 'WeChat Pay.'

• Step 4: Go to 'Wallet' and select 'Cards.'

• Step 5: Add your personal credit card details for linking. Verify your identity by providing your nationality, passport number, full name, date of birth, and upload a photo of your passport.

• Step 6: Congratulations! You have successfully set up WeChat Pay with your international credit card.

Now, you can enjoy the convenience of using WeChat Pay and Alipay for your payments without the need for a China bank account or credit card.