Conceptual Association and Flow of Funds for WeChat and AliPay Payments in the EU

This is a conceptual association diagram as well as a flow of funds diagram for WeChat & AliPay in the EU, along with an accompanying IBAN wallet.

The goal is to show that an EU/China seamless payment system can very easily be built and deployed, enabling the issuance of a European EUR IBAN to the account holder in their name (the account holder can be from the EEA – European Economic Area, or outside of it). Funds can be loaded by making a seamless payment FROM China (using AliPay or WeChat Pay), and the Euro balance would be updated in Europe, alternatively, the reverse can be done. The EUR balance in Europe can be sent to any AliPay or WeChat Pay account in China. In both cases, it implies that anyone connected to the SEPA network can make a payment into the account, essentially anyone with a bank account in Europe and likewise, anyone with a bank account in China can make a payment into the account. The flow of funds can be freely in both directions.

The account holders who are issued the IBANs are also able to theoretically load funds from the card (debit/credit) as well as be issued a card for purposes of usage. The written description can be downloaded here.

If you’re interested in such a solution, please feel free to schedule a call with us using the link below.

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