Transaction fees structure with WeChat Pay is very similar to AliPay – it is free for most transactions. However, since most people nowadays are surgically attached to their phones anyway, this doesn’t present a major inconvenience.
#WECHAT PAY INTERNATIONAL CODE#
It is a bit clunkier to use on a website – rather than following a link, users have to scan QR code with their phone in order to process the payment. 90% of smartphones in China have the WeChat already installed, making WeChat Pay to be the most convenient payment system to use anyway. Since WeChat Pay is an integral part of WeChat app, it naturally works with every mobile device the app can be installed on. In fact, both systems have become so popular, that it’s a common site to see WeChat Pay and AliPay QR codes next to each other at points of sale. In offline settings, WeChat Pay works pretty much in the same way as AliPay – using system generated dynamic QR code. Moreover, WeChat continues to expand its services to various financial products – from investment funds to insurance, allowing users paying for that with WeChat Pay and from within the app.
In addition, WeChat Pay powers rapidly growing WeChat ecommerce ecosystem, making buying and selling products with WeChat online stores a smooth and secure experience. It can be used to pay bills, buy goods online and offline, order tickets, grocery deliveries, hail a cab and do just about everything else.
In terms of various uses, WeChat Pay closely follows AliPay. During holidays, this feature of WeChat is by far the most popular one with transactions volume running into billions within hours. WeChat Pay has gained additional momentum with the introduction of the “ red envelope” feature – a cherished Chinese tradition of gifting money to friends and relatives on special occasions. The vast majority of WeChat users, the number that is quickly approaching one billion, are also WeChat Pay customers as long as they have linked their account to their banking.
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