![]() ![]() In 2014, for Chinese New Year, WeChat introduced a feature for distributing virtual red envelopes, modelled after the Chinese tradition of exchanging packets of money among friends and family members during holidays. WeChat Pay can be used for digital payments, as well as payments from participating vendors. Users who link their credit card can only make payments to vendors, and cannot use this to top up WeChat balances. For non-Chinese users of WeChat Pay, an additional identity verification process of providing a photo of a valid ID as well as oneself is required before certain functions of WeChat Pay become available. Users can acquire a balance by linking their WeChat account to their debit cards, or by receiving money from other users. The settlement time depends on the payment method chosen by the customer.Īll WeChat users have their own WeChat Payment accounts. Īlthough users receive immediate notification of the transaction, the WeChat Pay system is not an instant payment instrument, because the funds transfer between counterparts is not immediate. Now, WeChat Pay has six different payment products: Quick Payment, QR Code Payment, Mini Program Payment, Official Account Payment, In-APP Payment, and Web Payment. WeChat Pay ( 微信支付) is a digital wallet service incorporated into WeChat, which allows users to perform mobile payments and send money between contacts. Users can link their Chinese bank accounts to enable seamless transactions through the Visa, MasterCard and JCB. These services are offered by verified third-party entities called "official accounts," which create mini-programs or "apps within the app" to provide specific functionalities. ![]() ![]() Users who have provided their bank account information can utilize the app for various financial transactions such as paying bills, making purchases, transferring money to other users, and even conducting in-store payments if the stores support WeChat payment. ![]() WeChat Pay reached 900 million users in 2021. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Alibaba company founder Jack Ma considered the red envelope feature to be a " Pearl Harbor moment", as it began to erode Alipay's historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. WeChat Pay's main competitor in China and the market leader in online payments is Alibaba Group's Alipay. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay ( Chinese: 微信支付 pinyin: Wēixìn Zhīfù), officially referred to as Weixin Pay in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. Users can also search for cinemas, bars and beauty salons inside the app.Mobile payment service in China Weixin Pay When Douyin shows a user, say, a cheeseburger or a slushy, it includes a link to place a delivery order or a coupon that can be redeemed in person. Last year it began offering food and grocery delivery in big cities such as Beijing and Shanghai. ByteDance has primarily focused its operations on its social media apps, with most of its $80 billion annual revenue coming from what they generate in advertising. The formula is a big deal for Zhou, and a significant development for ByteDance Ltd., the company that runs both Douyin and TikTok, which is available only outside China. “If it weren’t for Douyin, I wouldn’t even be able to pay salaries,” Zhou says. She now gets hundreds of orders each day through the app. Zhou, 44, began streaming videos of herself preparing her specialty, braised pork knuckles, along with a link that allowed viewers to place orders for delivery. That changed last year, when the Chinese government shuttered Beijing’s restaurants to combat Covid-19. As a middle-age restaurant owner who was neither interested in scrolling through viral videos nor likely to create such videos herself, Zhou Meiying never found a lot of use for Douyin, China’s most popular short-form video app. ![]()
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