Chow Tai Fook to Accept WeChat Payments

RAPAPORT... Chow Tai Fook has signed a memorandum of understanding(MoU) with online giant Tencent that will enable its customers to completetransactions using WeChat Pay, the Hong Kong-based jeweler said Monday. Beginning next year, Chow Tai Fook will allow customers to payfor purchases via the app's electronic-payment platform in designated stores inmainland China. It will gradually rollout the feature to further stores at a later date. "We are committed to providing [a] seamless and exceptionalconsumer experience through a wide range of innovative projects," said BobbyLiu, executive director of Chow Tai Fook. "The introduction of advancedtechnology has made the convenience in offering cross-border consumption,online payment and an integrated online-to-offline shopping experienceavailable to customers from Hong Kong." The jeweler will expand payment byWeChat to some of its other brands; It also owns T Mark, Hearts OnFire, Monologue and Soinlove. Chow Tai Fook and Tencent will also collaborate on "intelligentconsumption" opportunities that will include an ID verification for Chow TaiFook's membership program, which uses mobile scanning. "Tencent technology will vigorously promote cross-borderfinancial cooperation," said Royal Chen, vice president of Tencent FinancialTechnology. "Leveraging financial and technological advancements, we aim tobuild a truly integrated service platform for those living in both Hong Kongand mainland China." Image: From left: Howe Zheng, vice president Tencent Financial Technology; Bobby Liu, and Royal Chen. (Chow Tai Fook)