On Thursday, fintech company Wirecard AG (ETR:WDI) announced that it had secured a partnership with Chinese e-payment service provider Yeepay, to provide payment processing services to clients outside of China.
Wirecard said it will assist all Yeepay customers in the airline industry to ‘internationalise’ their businesses and transactions.
Yeepay is China’s leading acquirer in the airline and travel industry, and this new partnership could see Wirecard churning out a potential transaction volume of EUR 17 billion per annum. Last year, Yeepay reported a transaction volume in airline and travel of EUR 34 billion, with most of this being generated by online activity.
The two companies will leverage their payment tech and licences to provide Yeepay customers with a ‘convenient and regulatory’ checkout process. Wirecard claims that travel agencies, airlines and consumers outside of China will all benefit from their new offering.
Elsewhere in payment services, Echoh PLC (LON: ECK), Universe Group plc (LON: UNG) and Boku Inc (LON: BOKU) all issued positive updates.
Wirecard and Yeepay comments
Jörg Möller, EVP Travel & Mobility at Wirecard, stated,
“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.”
Bin Tang, Yeepay CEO, 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.”
Investor notes
Wirecard shares rallied modestly by 0.54% or EUR 0.65, to EUR 121.45 per share 14/11/19 11:55 CET. The Group’s dividend yield stands at 0.17%, their market cap is €14.93 billion.