Choose the international version of Alipay. A verification code will be sent to your mobile number. Step 1: Download Alipay on your Google Store or Apple Store. Alipay accepts credit cards including VISA, MasterCard, JCB, Diner Club International, and American Express (AMEX). So, you might be wondering what types of international credit cards. In November 2019, Alipay launched its international version of the mobile app that supports international credit cards. For example, for a Singaporean company, Stripe’s charge is 2.2% + S$0.35. They charge a fixed fee + a percentage fee for each transaction. Their software supports the transactions in every way (technical, banking, etc.) and they assume all the risks for you. ![]() There are those who require you to open a Merchant account yourself, and those who offer you theirs, e.g. Payment gateways, which play an intermediary role between you and the client, are e-commerce service providers, facilitating the way you make and get e-payments. To do that, you will have to turn to a payment gateway, a company that will become an intermediary for your e-transactions. However, you can’t transfer the money directly to your Merchant Account via Alipay/WeChat Pay. Additionally, in order to cover possible transaction risks, the bank will most likely require a deposit. However, one might find this option too time-consuming: in order to open a Merchant bank account, a bank would usually require a copy of your company profile from the ACRA database, and then they might require as many additional documents on your business activity as they want until they are satisfied with your credibility. Here’s an example of a form you will need to fill in: Most Singaporean banks offer you this option and it’s usually used for e-payments. Looking ahead, WeChat Palm Pay services are expected to be rolled out at offices, campuses, retail outlets, restaurants, and more.Without Opening a Chinese Bank Account Get a Merchant Account in a Singaporean Bank + Payment GatewayĪ Merchant Account allows a company to get and process credit & debit card payments from its clients and partners. The payment will be processed once the passengers have finished their trip. On the day of the release of palm payment, Beijing’s Daxing International Airport Line was the first to deploy the palm print recognition system, allowing passengers to access the subway trains of the line in a phoneless and cashless way. Image: īeyond methods of payment, “WeChat Palm” is also being extended to modes of transportation such as taxis and the metro. It is safer and more convenient under the premise that information is not leaked and used indiscriminately,” stated Wang Pengbo, chief analyst of Broadcom Consulting. “Biometric identification technology has the characteristics of not being easily forgotten, portable, and not easily forged from the perspective of the medium. Experts in the payment industry perceive palm recognition as a superior alternative to fingerprint authentication, offering enhanced convenience and a more comprehensive user experience for identity verification and transaction settlement. Moreover, the tech giant maintains that WeChat’s Palm Pay is a more user-friendly method of payment for personal information security because palm prints are more private than other biometric identifications and personal information cannot be confirmed solely through palm images. In fact, some netizens have questioned whether they would dare to wave their hands casually after palm payment becomes widespread.Īccording to Tencent, while the system involves the collection, processing, comparing, and storing of information on users’ palm prints and veins, relevant laws state that the service provider will delete the original samples and pictures of users’ palms once the needed information has been extracted.ĭouyin and Tencent Video enter content sharing agreement ![]() Much like other forms of identity authentication and payment methods, Palm Pay raises concerns about its security. ![]() On Weibo, the hashtag “WeChat Palm Payment Release” has garnered 6.72 million views in just 24 hours, sparking not only discussions of excitement but also scepticism of future security in terms of payment. The new payment method has stirred up great interest in Chinese social media. After scanning and uploading their palm print at the ticket machine, users can simply link the scanned prints to their personal phone number and ID via WeChat mini program and start swiping. This new technology, developed by Tencent’s AI lab YouTu, utilises both surface-level palm prints and distinctive vein patterns to authenticate transactions. With this new transaction method, users can bypass the need for a mobile phone and can complete the entire transaction with a simple wave of their hand. On May 21, Chinese tech giant Tencent introduced a new feature to revolutionise its WeChat Pay service – Palm Payment.
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