Tencent TenPay Global and Mastercard Sign Memorandum of Understanding to Advance Inbound QR Code Payments, Remittances and Agentic Payments

Tencent's TenPay Global and Mastercard Sign Memorandum of Understanding, Advancing Inbound QR Code Payments, Remittances, and Agentic Payments in Parallel

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November 03, 2026, 07:20:06 From Shandong Updated November 03, 2026, 07:24:41

IT Home, November 3 news: On November 2, during the 2026 Hong Kong Fintech Week, Tencent's cross-border payment platform TenPay Global and Mastercard signed a memorandum of understanding.

Tencent stated that the two parties will combine Mastercard's global network with the WeChat Pay ecosystem to enable inbound tourists to use their existing digital wallets or banking apps to complete payments at merchants in China that support QR code payments, and will extend the scope of cooperation to cross-border remittances and the field of agentic payments.

Mastercard data shows that in the year ending June 2026, inbound consumption in mainland China increased by 51.3% year-on-year. From January to August 2026, the number and value of transactions made in China through WeChat Pay by overseas e-wallets increased by 81.8% and 80.6% year-on-year, respectively. TenPay Global currently cooperates with more than 60 banks and remittance institutions worldwide, supports fund transfers into China from more than 150 countries and regions, and has connected more than 40 overseas wallets in 13 countries and regions.

At the level of payment interoperability, the two parties plan to integrate payment processing, currency exchange, risk management, and fraud prevention capabilities, and to join forces with digital wallet service providers, financial institutions, and payment service providers to expand the coverage of cross-border QR code payments.

According to the introduction, this cooperation will synergize with Mastercard's "Travel China, Mastercard" program launched in 2023 and the Wallet Pay digital wallet interoperability solution launched in September 2026. Wallet Pay (IT Home note: Mastercard's digital wallet payment solution, which supports NFC, QR codes, and online payments, covering more than 200 countries and regions and more than 150 currencies) has already integrated with fintech companies such as TenPay Global.

In terms of cross-border remittances, TenPay Global will deepen its existing cooperation by relying on Mastercard's fund transfer business Mastercard Move, enabling more overseas remitters to send funds into the WeChat ecosystem. Mastercard Move covers more than 200 countries and regions and supports settlement in more than 150 currencies.

The cooperation also extends to agentic commerce. The two parties will explore trust, security, and interoperability in agentic payments around products such as Mastercard Agent Pay, Agent Connect, and Virtual C-Suite. Agent Pay uses a "verifiable intent" mechanism to ensure that AI agents can only complete purchases after obtaining explicit authorization; Agent Connect provides merchants with a unified connection point for accessing multiple AI agents and payment service providers; and Virtual C-Suite provides AI-driven financial and operational decision support for small and medium-sized enterprises.

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