Wechat (called Weixin in China) is the most popular mobile messenger app in China and it owns 762 million users in the world. Wechat includes many convenient and practical functions which is the main reason attracting people to download this app. It can be seen from the diagram that people browsing and posting on Moments from aroundthe world is 58%; about 53.5% of people like to share information by Wechat. For example, images, voice messages and videos.
With the rapid development of technology, Wechat has launched their own wallet service. More specifically, people can load money from their bank accounts, using the bank card, into the wallet and this Wechat function has been intensively applied. Once there is money in their wallet, people can transfer money to contact on Wechat or make payments at shops which support the service.The total number of wallet users has reached 66.4% of people worldwide; about 33.9% Wechat users sending or receiving money (Red Pocket); another 32.5% people use the mobile payment by wallet service.
On the one hand, this function can replace the cash and bank card; people only need 3 seconds to complete all of the payment process. The data shows that about 200,000 businesses accept Wechat Offline Payment in store and 67% users have purchased a product by Wechat payment per month. At the same time, Wallet service not only saves a lot of time, but also it increases security. Shops can effectively avoid counterfeit money and account error by using electronic money. The money of Wechat payments can be transferred to the shop’s account for the first time. It is a convenient approach to manage the capital and maximize the benefits for the business. On the other hand, when people finish the payment process, the app will follow the shop’s verified Wechat account automatically. The shops get a free opportunity to advertise their products and attract more and more people to pay attention to their stores. The shops can accumulate their own customer group after a period of time and the customers can realize the newest information and sale activities by using a verified account. The managers of shops can look at the specific data statistics and analysis provided by a strong independent daemon of Wechat payment, and then can provide concrete data for the next development planning.
On the one hand, this function can replace the cash and bank card; people only need 3 seconds to complete all of the payment process. The data shows that about 200,000 businesses accept Wechat Offline Payment in store and 67% users have purchased a product by Wechat payment per month. At the same time, Wallet service not only saves a lot of time, but also it increases security. Shops can effectively avoid counterfeit money and account error by using electronic money. The money of Wechat payments can be transferred to the shop’s account for the first time. It is a convenient approach to manage the capital and maximize the benefits for the business. On the other hand, when people finish the payment process, the app will follow the shop’s verified Wechat account automatically. The shops get a free opportunity to advertise their products and attract more and more people to pay attention to their stores. The shops can accumulate their own customer group after a period of time and the customers can realize the newest information and sale activities by using a verified account. The managers of shops can look at the specific data statistics and analysis provided by a strong independent daemon of Wechat payment, and then can provide concrete data for the next development planning.
Wechat payment has appeared more frequently in our daily life and it has become a necessity in the commercial market. For example, people can use Wechat payment when they take a taxi, buy a movie ticket or pay a telephone bill. People will think of Wechat payment rather than bank card or cash for the first time when they pay the bills. Undeniably, Wechat payment has shown their functions entirely and how it brings a lot of benefits for people.
Reference:
Russell, Jon.(Nov 10, 2015) Tencent's Wechat Messaging App Reaches 200M Users on Its Payments Service. Vol.23(1), p.4(1).
Reference:
Russell, Jon.(Nov 10, 2015) Tencent's Wechat Messaging App Reaches 200M Users on Its Payments Service. Vol.23(1), p.4(1).
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