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WeChat Pay, officially referred to as Weixin Pay (Chinese: 微信支付; pinyin: Wēixìn Zhīfù) 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. As of March 2016, WeChat Pay had over 300 million users. [1]
[1]: 130 China's wide adoption of mobile payments without significant credit card usage is an example of leapfrogging development. [1]: 130 The increase of mobile payment systems such as Alipay and WeChat Pay have facilitated the rapid rise of e-commerce in China. [2]
With more than 1.2 billion users, its built-in payment service WeChat Pay is one of the mainstream payment options in China. ... Jeff Hu, EMEA regional director at WeChat Pay, said during a ...
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. [61] In 2019 it was reported that Chinese users can use WeChat Pay in 25 countries outside China, including, Italy, South Africa and the UK. [59]
QR code payment has helped mobile payment become the most popular method of payments in China, accounting for 83% of all payments as of 2018. [8] Nearly all shops, street vendors, most metro systems, buses, and taxis in Mainland China accept either WeChat Pay, Alipay, or Cloud QuickPass for payment. [9]
[1]: 1 In 2023, nearly 50% of worldwide online sales took place from China. [1]: 2 The rapid rise of e-commerce in China is facilitated by mobile payment systems such as Alipay and WeChat Pay. [5] These payment platforms help simplify the transaction process and ensure the security of transactions to win the trust of consumers.
China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. [8] [2] In 2016, Fan Yifei, a deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". [9]
Qzone has become one of the largest social networking services in China, with a user base of 645 million in 2014. [31] [154] On 10 April 2010, Tencent launched Tencent Weibo, a microblogging service. [155] WeChat is a mobile app with functions such as voice- and text messaging, mobile payment, and a friends-only social network called Moments. [156]