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Wirecard enables Chinese mobile payment methods for NK, one of Sweden’s most iconic department stores

Wirecard enables Chinese mobile payment methods for NK, one of Sweden’s most iconic department stores

Banking & FinanceMobileNordicRetailTop Stories

Wirecard, a global innovation leader for digital financial technology, has announced a new customer win with NK (Nordiska Kompaniet) department stores. One of Sweden’s most famous department stores, NK welcomes over 9 million visitors annually to its luxury stores in Stockholm and Gothenburg. Wirecard will enable the two NK department stores in Sweden to accept leading Chinese mobile payment methods. The integration has taken place also thanks to a cooperation between Wirecard and Cimple Marketing, Nordic-based marketing and payment specialist in the area of Chinese consumers.

A 2018 Nielsen and Alipay study found that, among Chinese tourists, department stores are one of the top shopping destinations, along with duty-free shops and large supermarkets. In addition, these three retailer categories are also those where mobile payment is used most frequently by Chinese tourists. Overall, the use of mobile payment for this target group is widespread: Last year, around 60% of Chinese tourists worldwide paid with their mobiles. This trend has led more and more merchants to adopt a Chinese mobile payment solution for their shops.

“Mobile payment is incredibly widespread in China and as China is one of the biggest travelling nations in the world, it is essential for merchants to adopt the technology that will give shoppers the freedom to pay with their preferred payment method,” said Fredrik Neumann, Vice President Sales Retail at Wirecard. “With NK as a customer, we are furthering our mission of enabling digital payments for all and we are excited to join forces with Sweden’s most famous department store.”

The total transaction volume spent using Chinese payment methods and processed via the Wirecard platform has more than doubled in the last year. In department stores, Chinese guests averagely spend around €810 per purchase. The highest single purchase with Chinese payment methods and processed by Wirecard was over €40,000. NK also expects to gain significant sales benefits from the latest integration.

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