WeChat is China’s most popular messaging app. With more than 650 million monthly users and close to 40 billion messages being sent across the application every day, It cannot be denied that WeChat plays an integral part in the life of Chinese people.
Let us now take a look at how WeChat and WeChat Pay China revolutionized China’s financial landscape.
In 2011, Tencent released the very first version of WeChat. Its main purpose is to serve as a messaging platform and at the same time as a social media application. Take note that the Chinese government censored Facebook, Youtube, Twitter, and Google. This gave Tencent the opportunity to take over. Since its release, WeChat gained popularity even to the Chinese officials. It even subsidized WeChat which also meant that the government has access to users information.
In the years that followed, WeChat is no longer a simple messaging platform. Tencent later added WeChat Mini-Programs that can run over 580, 000 applications within the said platform. Using this feature, you can now pay your bills, call for a taxi, find an accommodation, make an appointment with your physician, or even file a police report.
WeChat mobile payment system is powered by WeChat Pay. We must not confuse WeChat Pay vs TenPay since the two are practically the same. In 2013, Tencent decided to integrate TenPay into its current and popular payment system which is WeChat Pay.
Today, the presence of Chinese tourists is one of the major contributors as to why WeChat is being recognized outside of the mainland China. For most of the Chinese people traveling overseas, WeChat is the only way in order to communicate with their relatives. This fact must not be taken for granted as it can cause a great impact on the economy.
Have you ever wondered how is it so?
Take Australia as an example. The country is one of the most popular destinations for Chinese tourists and students. It is one of the markets outside China that is being targeted by WeChat Pay. In 2016, Chinese tourists spent $9.2 billion in Australia using only WeChat’s cross-border payment method and are expected to double sometime in the future.
It is clear that WeChat and WeChat Pay are now making their presence felt to the global market.
Online Payment in China: Wechat pay, credit cards, Alipay, Apple pay, Paypal, and more!
The emergence of eCommerce in mainland China greatly contributed to the growth of online payment method. In fact, more than half of the internet users in China make use of the online payment method. One major contributor to the said rise is due to the fact that WeChat Pay is easy to use and unlike credit cards, many desired tasks can be done using the platform.
In order to use the payment method, you have to link your WeChat account to your bank account. WeChat Pay can be accessed using WeChat application. After the linking process, WeChat will give you two different digital identification card. The black-and-white card is for informal transactions like asking for WiFi connectivity. A colored card is for a more formal business transaction. You just have to present your phone in order to do Quick Pay, Native In-App Payments, QR Code Payments, and In-App Web-Based Payments.
Due to its flexibility, WeChat Pay is without a doubt the leading cashless payment method in China.
Alipay vs WeChat Pay
Since WeChat Pay is the main cashless payment system in China that prides itself with a flexible and reliable system., it can be used to even the simplest of transaction like booking a taxi or buying a movie ticket. On the other hand, Alipay is a standalone payment method similar to Paypal. At the start, it is exclusive to Alibaba and Taobao. It later opened its doors to other businesses due to the growing popularity of WeChat Pay.
Wechat Pay vs Paypal vs Union pay
UnionPay is completely different to WeChat Pay in a way that the former is far more complex than the latter. UnionPay, in particular, focuses on banking and other financial services. Additionally, Union Pay’s parent company China UnionPay is the country’s leading card scheme.
Paypal, on the other hand, has the same principle as Alipay when it comes to payment method. Think of PayPal as a software made for the sole purpose of handling online payment services while supporting many types of business.
Wechat Pay vs Apple Pay
It is worth noting that WeChat Pay works well on almost any device. However, Apple Pay is unique and wants to be different from the rest. For this reason, Apple is requiring you to have an Apple device in order to make use of the payment system.
Conclusion
The emergence of e-commerce in the global market gave rise to a newer and faster way of making transactions. WeChat Pay fittingly found its way in the market scene. Despite the growing number of competitors, WeChat Pay stayed true and committed to its goal.
The popularity that WeChat Pay gained in its own country is certainly not the end. Rest assured, it will continue to spread and influence other culture.