AP NEWS

Allied Wallet Taps into $16 Trillion Market

October 11, 2018

LONDON--(BUSINESS WIRE)--Oct 11, 2018--Allied Wallet, a leading provider of online payment processing offering various payment solutions in 196 countries all over the world, proudly announced the addition of WeChat Pay as a payment option to their state-of-the-art platform.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181011005181/en/

Allied Wallet adds WeChat Pay compatibility to its online payments platform. (Graphic: Business Wire)

According to , mobile payments in China have grown into a $16 trillion market – a market that WeChat Pay is dominating. WeChat has over one billion users and its payment function, WeChat Pay, has over 900 million active users every month.

To put this in perspective, WeChat Pay’s closest competitor, Alibaba, is in second place with 500 million active users. Apple Pay only has about 127 million users globally, despite the fact that it is pre-installed on every iPhone.

China’s multi-trillion dollar mobile payments market shows that digital payments are the new standard and no longer a novelty; cash is now the novelty.

WeChat Pay account holders can now load their Allied Wallet digital eWallet account with money from their WeChat Pay account. This enables them a safe means for shopping online, in stores, and sending money to friends and family.

“We’re very happy announce our compatibility with WeChat. It’s one of the world’s largest apps used by over a billion people… Forbes even described it as one of the world’s most powerful apps,” says Allied Wallet CEO Andy Khawaja.

In 2018, at a Berkshire Hathaway annual shareholders meeting, Vice Chairman Charlie Munger said that WeChat was a main competitor of Visa, MasterCard, and American Express. The brand is even seeing vast expansion into the United States.

WeChat pay is already being accepted in the United States at many duty-free shops and popular Chinese tourist destinations. The average Chinese tourist spends $4,462 while on vacation in the United States – more than in any other country or region they visit. WeChat executives say the expansion has only just begun.

As WeChat Pay continues to expand, these users will find even more freedom and access to their money with this new integration into Allied Wallet’s digital eWallet solution.

Dr. Andy Khawaja said, “The payment landscape is evolving and it’s changing the world. The main card brands clearly aren’t the only preferred payment methods when nearly a billion users have now switched to WeChat Pay and countless other users are using new alternative payment options all over the world.”

Allied Wallet has integrated countless alternative payment options into its services to create more connections between buyers and sellers.

This new connection allows over 900 million monthly WeChat Pay users the ability to load and spend with an Allied Wallet digital eWallet and gives them a new means for shopping safely and securely online and in stores.

About Allied Wallet:

Allied Wallet continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive global payments. With PCI compliant merchant services for nearly any business size, Allied Wallet provides a state-of-the-art payment gateway to optimize online transactions. Please visit www.alliedwallet.com/.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181011005181/en/

CONTACT: Allied Wallet

A.J. Almeda, 310-424-5495

aalmeda@alliedwallet.com

KEYWORD: UNITED KINGDOM UNITED STATES EUROPE ASIA PACIFIC NORTH AMERICA CHINA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY ONLINE RETAIL DATA MANAGEMENT INTERNET SOFTWARE MOBILE/WIRELESS SOCIAL MEDIA RETAIL COMMUNICATIONS SPECIALTY

SOURCE: Allied Wallet

Copyright Business Wire 2018.

PUB: 10/11/2018 06:00 AM/DISC: 10/11/2018 06:01 AM

http://www.businesswire.com/news/home/20181011005181/en

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