WeChat Pay History
WeChat started life in China as an instant messaging service in 2010 similar to WhatsApp. The focus then shifted towards social media, with photo sharing and public accounts of organisations and companies. The company designed future technical releases to be mobile-based, something Facebook and local equivalent Renren were slower to embrace. In 2013 WeChat Pay was launched to allow peer to peer transfers and in-app purchases. Mobile payments rapidly expanded and WeChat Pay diversified the payment options so users could easily pay anyone displaying a valid QR code.
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Today, WeChat is a Chinese multi-purpose messaging, social media and mobile payment app with one billion daily active users. It has been identified as one of the few threats to the hegemony of Visa, MasterCard and American Express.
Outside of China, for ex-patriots, students and tourists it is not only their payment method of choice but also how they find the shop, hotel or restaurant at which they wish to visit and go through their frictionless payment experience.
WeChat’s unique position as the top mobile CRM tool for leading global brands makes it the primary payment method for Chinese customers travelling and shopping abroad — a strategic advantage over AliPay. Merchants and PSPs should not discount the financial benefit associated with accepting WeChat Pay, based on its vast user base, convenience and purchasing power.
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WeChat Pay Statistics
billion daily active users.
trillion messages sent in 2018
TB of data consumed in 1 minute of rush hour
million users outside of China
Average daily user interactions
Thousand offline stores accepting WeChat Pay
countries WITH wechat Pay availability
billion spent by Chinese tourists in 2018
billion pounds Parent company market capitalization
Emoney and Payment Institutions
For non-Chinese payment providers the path to a partnership with WeChat Pay is laborious, time-consuming and very uncertain.
AuthoriPay has the network and knowhow to solve this problem. Through our industry relationships we have the ability to enable WeChat Pay for your merchants and for offline retailers we can take care of the hardware installation for you should you wish You can have WeChat Pay rolled out to your merchant base within weeks. It’s profitable, it’s easy and it’s a great differentiator for your company.
Merchants have been quick to see the opportunity of early adoption and we are increasingly seeing ecommerce companies accepting AliPay and WeChat Pay, including hotels, high-end retailers and education institutions. There is a distinct advantage to getting involved during the exponential growth phase and merchants are free to contact us directly.