WeChat Pay – Futuristic Digital Payment Made Easy
In discussions about technology, eCommerce, and banking, it is hard to overlook the significant strides that have been achieved in Asia in these sectors over the last many years. However, although many people point to Alibaba as a model for a new eCommerce and banking environment, WeChat Pay is also often mentioned as a ubiquitous app experience that, in the perspective of some, outperforms all others, especially in China. More than 25 nations across the globe presently have access to WeChat, which has expanded its influence beyond China’s boundaries.
Chinese customers who live in the nation are unable to use social media sites such as Google, Facebook, Instagram, and Twitter, among other platforms, since the government prohibits access to them. In accordance with WeChat’s statistics, the app is utilized by more over 1 billion people globally as one of their primary social media platforms.
What is WeChat and how does it work?
WeChat is a social messaging application created by the Chinese company ‘Tencent’, which was officially introduced in 2011 and has gained widespread popularity. Since other social media platforms such as Facebook are completely outlawed in China, Chinese people choose to utilize WeChat as a part of sustaining social connections with one another as well as for doing business.
WeChat, like WhatsApp, provides a variety of functions such as voice calling, video calling, instant messaging, sharing real-time location, sending and receiving photographs and videos, as well as the option to play mini-games with your friends for leisure. WeChat also has the capability of uploading stories to your timeline, which are referred to as ‘moments.’ The application is available in both Chinese and English languages. You may also make international calls using WeChat by paying a fee set by the service provider.
WeChat is not merely a secure application; in fact, using the application in China means that you are sharing your personal information with the government because the messages are not encrypted and your messages and contacts will be shared among third-party apps as well.
However, as its name implies, the Chinese messaging program WeChat is capable of almost everything. During a normal day, users may go on to the site and interact with other members of their online community. Furthermore, users may utilize the service to send a status update and keep track of what is going on in their local community. When compared to WhatsApp, it offers instant messaging features that are comparable to those provided by Apple and Google, respectively.
You may get WeChat by downloading it for free from the Google ‘Play Store’ or the Apple ‘App Store’ if you have a smartphone that runs on either ‘Android’ or ‘Apple’ operating systems.
How can I join up for WeChat?
In contrast to other messaging services, you cannot sign up for a WeChat account for free; instead, you must be invited by someone who already has a WeChat account to do so. How? To find out more, follow the steps outlined below:
- Get the WeChat app from the Apple ‘App Store’ or Google ‘Play Store’ and install it on your device.
- Once the application is installed tap the icon to open it.
- Tap on the signup button.
- You’ll be asked to join up either via your mobile device or through Facebook. You may choose from any of the options. We suggest that you join up using your cellphone number rather than your email address.
- In the next step, you’ll need to enter your ‘NAME’, ‘REGION’, ‘PHONE NUMBER’ and ‘PASSWORD’. Enter the details precisely, tap on the icon beside ‘AGREE TO TERMS OF SERVICE’ and then tap the Signup button.
- You will be prompted to validate the security verification code that has been generated to ensure the security of your account in the next step.
- Solve the puzzle and proceed to the next step.
- At this point, you will be prompted to scan your QR code by someone who already has an account and has validated another account within the current calendar month.
- After the QR code has been scanned, the WeChat application will send you a verification code to the cellphone number you have registered with them. To have your WeChat account activated, enter the code provided.
What is WeChat Pay, and why should you use it?
Thanks to Tencent’s popular social and messaging service, WeChat, which recently added a payment mechanism that is completely integrated within the application itself. The company’s popular social and messaging service now includes a payment mechanism that is completely integrated within the application itself. WeChat Pay is accessible in both Chinese and English language. A wide range of financial transactions, including payments, may be carried out with WeChat Pay. Because it operates as a mobile wallet and is only available via mobile phones, it streamlines and makes the payment process more transparent for users.
You’re not really impressed, are you? Users using WeChat Pay have more freedom than those using other programs, since they may engage in nearly any online activity they want. This list contains just a few instances of the many possibilities made possible by this enormous ecosystem:
- Paying bills
- Adding credit to a mobile phone
- Performing eCommerce transactions
- Transferring money
- Ordering food online
- Buying air tickets
- Shopping for groceries and clothes
- Investing in a business
And so much more…
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Tencent aims to convert these transactions into a source of revenue at some time in the future. It’s important to note that Tencent is quite different from its Western counterpart Facebook: whereas the latter generates 95% of its income from advertising, Tencent only generated 17% of its revenue from advertising in 2017.
While it is true that Tencent obtains the vast majority of its income from the sale of value-added services to users, The implementation of this service plan will be important, and WeChat Pay, as well as other payment systems, will play a vital role.
How can I make a payment using ‘WeChat Pay’?
Paying using WeChat Pay may be accomplished via a variety of means, the most common of which are as follows:
1. In-App web-based payment
With WeChat, it is possible to complete transactions made inside the application, such as ordering food delivery or purchasing a theater ticket, without having to quit the app. This is the most prevalent method of making a payment using WeChat. For payments, users will only be required to provide a 6-digit pin number or scan their fingerprint while making a purchase in order to complete the transaction.
2. QR code payment
When your consumers are purchasing on a desktop website, they are more likely to choose the payment option that includes a QR code. When you use the WeChat payment system to make a payment, a QR code will be created for you automatically. The only thing your consumers will have to do to make the transaction will be to scan the QR code with their phones while using WeChat.
3. Quick Pay
This may be accomplished in a physical place by accepting money via the use of WeChat Quick Pay, which is the most frequent method. Integration of WeChat payments with your POS system is a viable option. This solution allows you to finish the transaction by scanning the QR code for the user’s WeChat payment, which is shown on the screen. This way of payment is much quicker than other payment options such as cash or credit card. The user will not be required to submit the 6-digit pin number in order to authorize the payment in this instance; in fact, they will not be required to do so.
4. Mini-program Payments
Users who attempt to make an online purchase of items or services via the program will be charged using the WeChat Mini-program payment system. Despite the fact that they are functionally comparable to WeChat Web-based payment systems in terms of functionality, they need a distinct technical connection.
Is it safe to connect your bank card to WeChat Pay and use it for purchases?
WeChat Pay is a safe and secure form of payment.
Verisign has confirmed that it is legitimate. A transaction that takes place inside China is insured by PICC, which is China’s largest risk insurance provider by revenue. In operation since 2004, the corporation known as Tencent has handled payments for some of the highest volume online items in the world, including transactions on the popular QQ social networking site. As a consequence, they are among the world’s foremost experts in risk management and fraud detection.