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. The settlement time depends on the payment method chosen by the customer.Īll WeChat users have their own WeChat Payment accounts. Users can acquire a balance by linking their WeChat account to their debit cards, or by receiving money from other users. WECHAT CHINA ECNY WECHAT PAY MAUSKHARPALCNBC VERIFICATIONįor 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 who link their credit card can only make payments to vendors, and cannot use this to top up WeChat balances. WeChat Pay can be used for digital payments, as well as payments from participating vendors. 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. The feature allows users to send money to contacts and groups as gifts. When sent to groups, the money is distributed equally, or in random shares ("Lucky Money"). The feature was launched through a promotion during China Central Television (CCTV)'s heavily watched New Year's Gala, where viewers were instructed to shake their phones during the broadcast for a chance to win sponsored cash prizes from red envelopes. The red envelope feature significantly increased the adoption of WeChat Pay. According to the Wall Street Journal, 16 million red envelopes were sent in the first 24 hours of this new feature's launch. In 2016, 3.2 billion red envelopes were sent over the holiday period, and 409,000 alone were sent at midnight on Chinese New Year.Ī month after its launch, WeChat Pay's user base expanded from 30 million to 100 million users, and 20 million red envelopes were distributed during the New Year holiday. In 2016, WeChat started a service charge if users transferred cash from their WeChat wallet to their debit cards. On 1 March, WeChat payment stopped collecting fees for the transfer function. Starting from the same day, fees will be charged for withdrawals. WECHAT CHINA ECNY WECHAT PAY MAUSKHARPALCNBC FREEĮach user had a 1,000 Yuan (about US$150) free withdrawal limit. Further withdrawals of more than 1,000 Yuan were charged a 0.1 percent fee with a minimum of 0.1 Yuan per withdrawal. Other payment functions including red envelopes and transfers were still free. In 2019 it was reported that WeChat had overtaken Alibaba with 800 million active WeChat mobile payment users versus 520 million for Alibaba's Alipay. However Alibaba had a 54 per cent share of the Chinese mobile online payments market in 2017 compared to WeChat's 37 per cent share. In the same year, Tencent introduced "WeChat Pay HK", a payment service for users in Hong Kong. Transactions are carried out with the Hong Kong dollar. WECHAT CHINA ECNY WECHAT PAY MAUSKHARPALCNBC FREE.WECHAT CHINA ECNY WECHAT PAY MAUSKHARPALCNBC VERIFICATION.
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