SHENZHEN (Oct 29): Tencent Holdings Ltd and Visa Inc are looking to make cross-border payments easier for travellers while exploring how artificial intelligence (Al) could change the way consumers shop and pay online.
The Chinese technology giant and global financial services company signed a memorandum of understanding (MoU) to broaden their existing collaboration, covering cross-border payments, remittances and Al-powered commerce, said Tencent said on Thursday during the Global Digital Ecosystem Summit (GDES) here.
Under the agreement, Tencent and Visa will explore ways to allow travellers to pay for goods and services at participating merchants through Tencent's cross-border payment platform TenPay Global and Visa Pay.
The collaboration will also cover payment connectivity between Tencent's mobile wallet Weixin Pay and Visa networks, subject to regulatory requirements.
Both companies are also planning to expand their remittance services through Visa Direct, whích may allow more international users to transfer money into the Weixin Pay ecosystem.
Tencent and Visa are also turning their attention to Al-powered shopping, including the possibility of allowing Al agents to help consumers search for products, compare options and make payments.
User security was also highlighted, as the companies will focus on ensuring that transactions are secure while allowing consumers to retain control over their spending.
Tencent and Visa's partnership that started in 2019, when they had ties in the gaming industry. They collaborated through Tencent's international payment platform Midas on payment processing, marketing and risk management.
Tencent senior executive vice-president and Cloud and Smart Industries Group (CSIG) chief executive officer Dowson Tong said the expanded partnership could open more opportunities for businesses not just in China but also overseas.
"By making cross-border payments more convenient and exploring how Tencent Cloud's Al and agent capabilities can complement Visa's global network and expertise, we hope to create more seamless commerce experiences for consumers and new opportunities for businesses," said Tong.
Visa Greater China group general manager Elaine Chang said the partnership would help bring Al-powered shopping experiences into Visa's global payment network, while keeping security and consumer control in focus.
The companies did not disclose any financial commitments or a timeline for rolling out the proposed initiative.
This is the eighth edition of GDES, Tencent's annual business-focused conference held in Shenzhen.
The event brings together Tencent executives and industry players to discuss developments in cloud computing, AI, big data and cybersecurity, as well as showcase the company's latest technologies and business applications.