Basically, a prepaid e-wallet is an online prepaid account which you can store money and do transactions on your mobile phone. This is because Alipay TourPass acts like a prepaid wallet. It’s important to know the validity period of these mobile payment apps as you do not want to be left stranded without any money.Īlipay TourPass is valid for 90 days. If you are concerned about the exchange rates when you make payment, do rest assured that there are no in-app currency exchange rates for both Alipay TourPass and WeChat Pay. The good news is, there are no additional transaction fees. On the other hand, WeChat Pay charges a service fee of 0.35 Chinese Yuan (S$0.07) with every international credit card linked to the platform. Users are allowed to load amounts into their accounts between 500 Chinese Yuan and 2000 Chinese Yuan (S$100 – S$400). Alipay TourPass charges a service fee of 5% for every recharged amount loaded to your account. When it comes to service fees, charges are applied differently for Alipay TourPass and WeChat Pay. Step 6: Your application is completed! Now, you are ready to pay for your items on Alipay.Īlipay TourPass vs WeChat Pay Service fees incurred A QR code will appear, prompting you to scan the merchant’s QR code for payment. Step 5: You may make payment using the Alipay app by going back to the homepage on the ‘Pay’ or ‘Scan’ icon below the search bar. Click ‘Confirm and Pay’ once you’ve entered all the information required. Do bear in mind that this will be the credit card your loaded Alipay credits will be charged to. Lastly, fill in your international credit card details which you wish to link to. Select the amount which you want to load into your Alipay account. Step 4: At this point, you will be prompted to load cash into a prepaid e-wallet. Step 3: Tap on ‘TourPass’, a blue icon that is in the shape of a luggage and a credit card. 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. 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.
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