Currently there is a raging war in the field of online micro-transactions. Everyone is speaking about Apple and their announcement of Apple Pay – a system for online payment similar with PayPal. But there are other micro-transaction companies that are already making a move. If you missed the news, the biggest social network in Asia is already offering these features and more to its customers.
WeChat is a mash up between Whatsapp, Facebook and PayPal with 438 million monthly active users. Chinese users already benefit freely from the so called “Quick Pay” (in Chinese “刷卡”, “swipe card”)
Here’s how it works:
Once a person enters their WeChat account in the “Me” section there is the option “Wallet”. Once you click it the “Wallet” menu will open. On the top there is the “Quick Pay” option:
If you didn’t add a card to it, it will ask for your bank card information. We will cover this in our next blog about WeChat and how to add a card as a foreigner in China. The option will then simply display a bar code which a person can show to the cashier in the partner stores. If you have to pay below 300 RMB you simply need to show the code and the transaction is done. If the amount is above 300RMB you will need to enter a secret payment code that you set up before.
There are many companies that have signed up to the WeChat payment system. It is not a surprise that many enterprises in China are already interested in the easy pay system. As the biggest social media platform and still rapidly growing each year, it’s getting more and more important to make the key partnership. Some companies that are already listed as payment partners are as follows:
Chinese e-commerce giant JD is also one of the key partners with Tencent. A shopping feature is soon going to be implemented in WeChat making it a fundamental part of everyday life in China. It will create a virtual shop combining all the partners of Tencent into one massive virtual mall on each person’s phone.
In the next post we will share with you how to create a wallet account as a foreigner in China. Follow us on our Blog page for more awesome news about China each day!