It started to be a simple chat application a few years back, now WeChat (or commonly known as Weixin in Chinese) has grown as a leading platform in the market that connects a significant number of businesses to customers and customers to services across the globe.
The Chinese mobile payment market has prospered very fast, and WeChat is now being considered as a one-stop social messaging platform. Tencent, the owner of the booming social messaging application, developed a mobile payment service called WeChat Pay. Since its commencement in the market last 2013, there are exceeding 300 million users who connected their credit card details to their respective WeChat accounts and have started to enjoy the perks.
Instant Electronic Wallet
As payment has been integrated into the social messaging platform, users can now easily pay their bills through their mobile phones ranging from QR Code Payments, In-App Web-Based Payments, Quick Pay, and even Native In-App Payments. Customers are given the options per payment situation.
This eventually led to the merging of QQ Wallet and WeChat Pay, which made the duo rank second on the list of payment systems in China.
All-in-one Payment Method
What is good about WeChat Pay is the application being user-friendly and easy to use that adds up to a great user experience for shoppers, especially when doing money transfers. It is simple that a user does not need to be directed to external websites just to complete the process.
More than the ease of process, the booming payment app has also a number of promotional discounts and incentives to its customers.
Acceptance of the Chinese Market
Though Alipay is the current number 1 payment system in China (owned by Ant Financial Services Group), WeChat pay is proud to express that with its almost five years of existence in the market, it has managed to achieve at least 33% of the Chinese market.
Indeed, WeChat is advancing the game and is catching up with its close rival, Alipay with at least 39% users.
Indeed, WeChat is advancing the game and is catching up with its close rival, Alipay with at least 39% users.
WeChat Pay Core Functions
WeChat Pay’s core function is to aid users when doing bill payments, money transfers, eCommerce payments, ticket purchases, hotel bookings, product purchases, investment and funds management, and many others. Additionally, consumers can receive discount vouchers from sellers, which they can use and utilize to make the most out of their shopping experience.
The app is available in more than 20 countries like China, India, Japan, Indonesia, Australia, Singapore, Malaysia, Italy, UK, and the like.
The app is available in more than 20 countries like China, India, Japan, Indonesia, Australia, Singapore, Malaysia, Italy, UK, and the like.
WeChat Pay and Its Benefits
A growing number of Chinese people are traveling outside the country, more and more Chinese buyers purchase items overseas, as well as ease of conversion of foreign currencies to the Chinese yuan — through WeChat Pay, the user can do all of the aforementioned with just a few clicks away.
More than that, WeChat Pay supports major currencies worldwide such as the British Pound, Hong Kong Dollar, US dollar, Japan Yen, Canadian Dollar, Australian Dollar, New Zealand Dollar, South Korean Won, and the Euro.
Now there is nothing to worry about unsupported currencies since the payment can be made through US dollar.
The App Closes the Gap
The one-stop app has made messaging, voice calls, and online shopping possible. It also opened the way for users of all ages. Moreover, WeChat Pay can also be used as a payment preference in physical stores.
Furthermore, the app closes the gap between sellers and buyers. It makes the process smooth and simple. This results in brands seeing the importance of adopting the payment app as a significant part of their business, especially in marketing and customer engagement.
Conclusion
WeChat is into making the life of social media users comfortable and uncomplicated. With the many advancements in the field of technology, businesses are being transformed in a way that they can make the most out of the present market opportunities presented before them. Developments need not be a big-time one, but rather small developments that aid people in their day-to-day lives are what really matters.
In the end, the user experience would greatly matter. Consumers and sellers should remain to be prioritized in order to come up with improvements that would really be meaningful and beneficial to everyone.
WeChat is into making the life of social media users comfortable and uncomplicated. With the many advancements in the field of technology, businesses are being transformed in a way that they can make the most out of the present market opportunities presented before them. Developments need not be a big-time one, but rather small developments that aid people in their day-to-day lives are what really matters.
In the end, the user experience would greatly matter. Consumers and sellers should remain to be prioritized in order to come up with improvements that would really be meaningful and beneficial to everyone.
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