Concur launches e-receipt solution for WeChat
“Tailor made for the China market”
Business expense management firm Concur has introduced a new receipt solution, integrated with China’s WeChat platform, that makes it easier for businesses and their employees working in China to track expenses and remain compliant, reports David Penn at Finovate (Banking Technology’s sister company).
The technology, Concur e-Fapiao (it means “e-receipt”), gives employers real-time access to an employee’s receipt, Concur Greater China MD Boonthai Hoh explains, which streamlines the process, improves accuracy and eliminates the need for paper documentation.
John Gibbon, SVP of platform for Concur, says the integration of e-Fapiao and WeChat, provides a “localised” solution that was “tailor made for the China market”.
The integration was provided by Concur China platform partner, Pactera, and enables users to transfer fapiao information from WeChat Wallets into Concur WeChat Official Account, which automatically feeds into Concur’s Expense platform.
China’s fapiao invoice system is a critical part of China’s tax law infrastructure. Both individuals and businesses operating in China are required to use fapiao; individuals for reimbursement of business expenses, and businesses for the regular recording of their commercial transactions.
In 2013, Chinese B2C e-commerce giant Jingdong began emailing e-fapiao to customers as part of a trial programme. Since then the use of e-fapiao has spread throughout e-commerce in China, and solutions like Concur e-Fapiao will “expand the usage of e-Fapiao, which will provide users with a more efficient and hassle-free expense experience,” according to WeChat general manager of industry cooperation department John Zhuo
Concur was founded in 1993 and is headquartered in Redmond, Washington. The company was acquired by SAP in 2014 in a $8.3 million deal.
