WeChat Pay was born on January 21, 2011, as another application, but in only six years of life it has gone on to offer its users such different services that could be included in up to seven different applications. WeChat Pay is a phenomenon and the more than 800 million users who have an account in it.
This hybrid between messaging, social network and marketplace also has a system of payments in shops, among users and even with the possibility of obtaining loans of up to 200,000 yuan in a matter of minutes.
Although this payment system called Wallet is not open to many markets outside of China, we will take a look at its operation within WeChat Pay to understand well the way of its success.
From asking for a taxi to paying the electricity bills
Currently, in China, there are two dominant payment systems that dominate the market. On the one hand Alipay, which belongs to Alibaba, and WeChat Pay, which is within the service ecosystem of the Tencent app, WeChat.
This type of services has been quickly integrated into Chinese society thanks to the good response from both users and associated businesses, which allow from booking a hotel room, paying the electricity bill or even paying a hamburger at McDonald’s It’s no need to take out the wallet.
The first thing that must be done to use WeChat Pay is to link our credit card to our WeChat account. Once we have our validated payment method, we can pay with WeChat Pay in the establishment where we are (as long as the latter accepts the means of payment in this way).
To make the payment, we will only have to open the WeChat application and in the “Me” tab where our profile appears click on the “Wallet” icon. Within the section “Wallet” there are many different options as we will see in the image below, but to make a specific payment, we will select “Quick Pay”.
From here WeChat will show us a screen with a barcode, a QR code, and a serial number that we will show in the store from our smartphone and that with a simple scan will lead to the transaction.
Payments among friends and even “lucky money”
Another of the most popular uses of the WeChat payment service is that it allows users to send money between them instantly, just as we can do with other payment management applications such as Bizum. Once again from the “Wallet” section of the application, we will go to “Transfer” and from there we will select “Transfer to a Friend”.
The procedure to do it is as simple as selecting the contact to whom we want to send you money and declaring the exact amount to transfer. The application will automatically send a message to both the sender and the recipient of the money to confirm that the transaction was successful.
This mechanism, which stands out for its simplicity, is not too far removed from others known in Europe such as Twyp or, as we said, Bizum, but if there is something really curious about WeChat Wallet, it is the Lucky Money service.
This service comes from the Asian tradition of the “hongbao” or “sobre Rojos”, which consists of giving an envelope – red obviously – with money. This tradition is repeated in important events such as weddings, graduations or during the Chinese New Year night.
Well, as we say, WeChat Wallet has an option to execute the tradition of the “hongbao” from the application itself allowing users to send amounts of money at random to a group of users, selected by him of course, to be distributed from the random way.
The lucky ones will only have to open the “Lucky Money” section in WeChat Wallet to know what amounts their generous friends have given him.
It seems that integrating the tradition of red envelopes with technology has become a success since, according to Tencent’s data, users sent more than 8 billion red envelopes to each other through WeChat. Last Chinese new year, which is eight times more than the year of its release.
Where is the success of WeChat Pay?
One of the keys is that the WeChat Wallet menu has a very simple interface that reminds us more of a social network than a payment system.
On the other hand, the registration of banking data and the automation of payments are so simple that they generate a very positive experience for the user, which in turn is also reinforced thanks to a large number of services and businesses that already allow payment.
With WeChat Pay, something that reduces the use of third-party applications, so much so that it is even possible to request an appointment with the doctor without leaving the best apps free.