What is wechat payment_ a simple guide – walkthechat

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WeChat payment is a payment solution completely integrated inside the social and messaging application of Tencent: WeChat. 500 usd It appears in the “Wallet” section of the application.

These transactions are meant to be a future money-maker for Tencent. Euro vs usd exchange rate It is good to keep in mind that Tencent is very different from its Western competitor Facebook: while Facebook makes 95% of its revenue from advertising, the figure is only 19% for Tencent.


Tencent actually makes most of its money through value-added services. Binary search And WeChat pay will pay a central role in this service strategy. Eur usd live chart How to apply for WeChat payment?

If you already have a company registered in mainland China, you will first have to register a local WeChat Official Account (Service account – 服务号). Binary subtraction examples You can do so on the official WeChat Official account page:

If you do not have a registered company in mainland China, you will have to opt in for another solution in order to set up your WeChat payment account: WeChat cross-border payment.

Note that the application requests your “Official Account APPID” which is an unique identifier for a WeChat Official Account. Investing in futures market If you are unsure how to create an Official Account for your oversea business, feel free to reach out to us.

These are very similar to the terms from Alipay vs. Taux de change euro dollar canadien WeChat Payment (cross-border payment). Usd yen chart You can see a detailed comparison in the table below. 200 usd to eur How well is WeChat payment doing?

The function has been popularized by Tencent masterful marketing coup: enabling Chinese users to exchange money via digital red envelopes, a tradition during the Chinese New Year festival. Online currency rates in pakistan As a consequence of this strategy, as of today, the most popular use of WeChat payment is still to send red envelopes and exchange money with friends.

Compared to its competitor Alipay, WeChat Payment is however more focused on smaller transaction amounts: only about 20% of WeChat Pay transactions exceed RMB 1,000

Most importantly, WeChat payment is seeing an explosive growth: according to a report by the consulting agency McKinsey percentage of users having used the feature doubled between 2015 and Q1 2016.

The report also showed that the sources of traffic driving to e-commerce purchase via WeChat payment were diverse: more or less evenly split between traffic coming from friends, from WeChat Public Accounts, from JingDong (Tencent has a 15% stake in JD) and from other applications.

Another key factor which influences adoption of WeChat Payment is the support from online merchants. Usd cad news Many WeChat Official Accounts (the equivalent of Facebook Pages for Wechat) started linking their “blogs” with WeChat stores in order to generate sales from e-commerce.

The current average of WeChat accounts being linked with a WeChat store (among top accounts is around 25%). Exchange rate usd aud Of course these statistics vary depending on the industry. Currency converter rmb to usd Accounts in the childcare, beauty and travel industries tend to have a higher penetration of WeChat shops (around 30%) while accounts discussing relationship-related topics have a much smaller number of e-commerce implementations.

Because WeChat e-commerce is often related with endorsement from Key Opinion Leaders (due to the social nature of the application), these WeChat store are a heavy driver for the widespread adoption of WeChat Payment.

These WeChat shops are, for the most part, created using third party SaaS platforms (such as Weidian, Youzan or WalktheChat). Market opening futures Such platforms are local equivalents of Shopify which enable to easily set up a store and create a link between social and e-commerce.

The number of accounts having developed their own website is comparatively small, with only 24% of them having developed their own customized WeChat shop. 50 eur to usd Why online payment is a terrific market

To take a point of comparison: PayPal represents as of today about 44% of Ebay’s revenues. Usd aud conversion Moreover, this proportion keeps growing over time since 2002 (PayPal is now going to be taken out off eBay in 2015, but that’s another story)

The reason is simple: e-commerce markets fight for lower and lower margins. Zloty to usd In such a commoditised market, payment is the one part of the business where margins get (less) compressed.

Compared with Alipay: Alipay’s revenues reached RMB 13.8 billion in 2013, accounting for 29% of Alibaba’s revenue. Exchange rate us to canadian dollars Moreover, Alipay’s margin was about 30%, higher than PayPal’s 24%.

The situation is therefore clear: payment is a major path for growth and there is still much room for expansion. Currency converter rs to usd Online payments in China: a competition between Alipay and WeChat Payment

You won’t be able to join a group over 100 people if your bank card hasn’t been linked to your WeChat account. Rub usd exchange rate This is a great incentive for users to go through the rather fast process: it takes only a minute and will enable you to speak with your friends.

The service enables to book doctor appointments, access traffic camera feeds, pay electricity bills, handle transportation bookings, monitor air quality, pay traffic fines, report incidents to police, and more… all of this via WeChat!

Ever had to struggle to the bank in the middle of the night to pay your electricity bill? It is certain that smoothing-out the edges of otherwise inconvenient procedures of daily life in China will be a strong incentive for a lot of users to start integrating WeChat payment in their daily life.

Last year, WeChat blocked all traffic toward Alipay, Tmall and Taobao, thus cutting most possibilities of “social sales” and personal recommendations of Alibaba’s online platforms via the APP.

This is a major move as transactions are getting more and more social. Historical exchange rates usd cad Social commerce is booming with a market size of 14 billion USD In the United States alone in 2015.

The flourishing ecosystem around WeChat enables Tencent to leverage the power of all the companies providing off-the-shelf services for its platform, thus improving the user experience. Exchange rate usd gbp This ecosystem (albeit existing) is much more limited for Alibaba and Alipay, and growing at a much slower rate.

It is no news, the promotion of WeChat payment during last Chinese New Year was incredibly successful: 200 million bank cards were linked, 11 billion “shakes” were recorded during Chinese New Year Eve, and RMB500 million (roughly US$83m) worth of lucky money were distributed that night.

Both for Tencent and for Alibaba, online payments will be a key source of revenue for the years to come. 1 usd to zwd Online payments are however a market where monopolies tend to appear as users don’t like multiplying the number of services they use. Exchange rate us to india For at least one of the players involved, getting online payments right might be a matter of life and death.

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