Wirecard’s acquisition of YeePay paves the way for enhanced airline, travel and consumer services in and out of China.
Global digital financial technology giant Wirecard has acquired Chinese travel payment company YeePay, which serves all Chinese commercial airlines and major travel agencies. The acquisition expands Wirecard’s reach to customers in and outside of China.
YeePay, a leading e-payment service provider in China, reported a transaction volume in airline and travel of EUR 34 billion in 2018, with nearly all transactions being online-based. By working with Wirecard, YeePay can now facilitate international payments with a potential transaction volume of more than EUR 17 billion which will be handled by Wirecard.
The companies will leverage their payment technology and licenses to give current and new customers of YeePay a convenient and regulatory checkout process. Travel agencies, airlines and consumers outside of China will benefit from this improved service offering.
Said Jörg Möller, EVP Travel & Mobility at Wirecard: “We are proud to enter into a partnership with YeePay and leverage on their status and expertise in the Chinese airline and travel market. Wirecard is already one of the largest international acquirers for airlines outside of China, working with more than 100 airlines globally. This cooperation with YeePay and its customers enables us to further expand our presence in this ever-growing market segment.”
YeePay CEO Bin Tang added: “As the acquiring partner of choice for China’s airlines, we are constantly seeking new partnerships that can strengthen our service offering. With Wirecard we are extending our footprint on a global scale, and as a result can offer our customers a modern and innovative payment experience, no matter where in the world they are.”
In other research, in-flight shopping has been shown to be an untapped trend, while over two-thirds of employees feel business travel can benefit from more automation and reduction of bureaucracy.