Tencent and Visa said on Thursday they are expanding their partnership in cross-border payments and AI-powered commerce under a memorandum of understanding. The plans include easier payments for travelers entering and leaving China, merchant payments through Weixin Pay and Visa networks subject to regulatory requirements, and extending the collaboration to agentic commerce, where AI agents help consumers find and buy products. The move follows approvals this month for Visa to prepare a domestic bank card clearing business with the People's Bank of China, and for Citi to set up a wholly owned securities company in Shanghai, Citigroup Securities (China), which Citi announced last week. Tencent and Visa have cooperated since at least 2019.
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