WeChat has been notable as one of the infamous social media platforms in Malaysia but in China, WeChat became a highly used platform as an E-Wallet that links your bank account to the merchant when consumers want to pay. Today, WeChat is one of the most popular payment methods in China as the country is growing rapidly adopting a cashless economy.
In China, WeChat became an integral part of their daily lives. No longer confined to the instant messaging functionality, WeChat is now a habit. A physical wallet is not required anymore as in China, WeChat Pay is supported almost everywhere, when ordering a taxi, in supermarkets and even at the hospital.
Last July, Tencent – the company behind WeChat Pay announced that they had applied for an e-payment license to operate in Malaysia, saying they’ll enter the Malaysian market sometime this year.
It’s said that Malaysia will be the first country out of China to receive the service. Services include multiple payment methods that are handy and less time-consuming.
Payment methods include Quick Pay; vendors scan the QR code shown by customers on the Quick Pay page to finish transactions quickly, QR code payment; users scan these codes and see related product information and transaction guides, In-App Web-based Payment; vendors pushing product messages to their followers via Official Account and followers can purchase the products on the shopping page, and lastly, In-App Payment; vendors integrate WeChat Pay SDK into their apps which will authorize WeChat to process the payments when users make payments to other apps.
Compared to competitor Alipay which was launched in Malaysia but only available for tourists visiting from China currently – as reported by a local tech news site, SoyaCincau. With 20 million users of the app already present in Malaysia, WeChat Pay is targeted to have a smoother roll-out process as the service will be integrated into the WeChat messaging app. The service will gain traction in no time.