CEC International Holdings’ (00759.HK) 759 Store chain in Hong Kong will be connected to the WeChat Payment network from Feb. 4, a move that will make the retail outlets more attractive to mainland visitors.
Three stores in Mongkok are currently conducting a trial run, company chairman Lam Wai-chun said, according to the Hong Kong Economic Journal.
Overall, about 300 outlets in Hong Kong’s catering, pharmaceutical and apparel industries will have point of sale machines for WeChat Payment installed before the Chinese New Year, the report said.
WeChat Payment’s parent company Tencent Holdings (00700.HK) has discussed with the Hong Kong Monetary Authority legal issues pertaining to the usage of the renminbi payment system in the city.
According to Lam, payments by mainlanders will be settled on T+1 basis with a direct link to the customers’ credit cards.
That would make it more advanced than the locally developed electronic purse TnG, he said.
Among other Hong Kong retailers, Sa Sa International Holdings (00178.HK) and China Resources Vanguard Co. had earlier started accepting WeChat Payment.
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