WeChat Pay has announced plans to expand its cross-border payment business into more markets.

The new strategy will focus on bolstering the reach of its payments ecosystem.

At the Overseas Partner Conference 2019 in Hong Kong, the company urged service providers and merchants to use its ecosystem to connect with Chinese travellers.

WeChat Ecosystem will drive the digitalisation process for international merchants to cater to Chinese tourists.

Apart from expansion of its cross-border payment, the company also plans to support more currencies as well as promote smart checkout solutions and self-service F&B ordering solutions.

In addition, WeChat Pay will promote the use of artificial intelligence (AI) solutions across the fashion and beauty industries. It also plans to expand its footprint in tourism and travel-related solutions.

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WeChat Pay vice-president Li Peiku said: “In the past five years, the progress of mobile payment technology development in China has received global attention, and the digitisation of all walks of life has continued at a rapid pace.

“The real driving force behind this is not just a payment tool, but also the supports of third-party service providers from the various industries.”

According to the data presented at the conference, monthly average transaction volume of WeChat Pay had a 500% year-on-year increase in 2018 and its total transaction value surged by 400%.

A 300% year-on-year increase was observed in the number of service providers. Furthermore, the number of merchants accepting the payment service saw a jump of 700%.

Currently, WeChat Pay is available in 49 markets outside of the Chinese mainland. It also supports 16 different currencies for cross-border payment transactions.