A credit card supporting Visa or Mastercard (to make payments) OR a Chinese bank account (for real-time payments as well as to top up your wallet)įirst of all, go to your own WeChat account and click the “me” on the bottom right corner.A smartphone with a mainland Chinese version of WeChat installed.There are a few things you need to acquire before setting up your own WeChat Pay account. In Aug 2018, Russia became the 17 th country accepting WeChat Pay to make it more convenient and easier for Chinese tourists to pay.įor more detail on WeChat, check out our blog on WeChat Marketing. With WeChat Pay, you can easily make your payment in mainland China such as paying for your bills, transportation, travel-related goods, movie tickets, meals, shopping on the Chinese e-commerce websites or even book an accommodation, and it’s super convenient for you to pay as no cash is needed and you can just go out with your smartphone. They claim that there are now more than 40 million stores across China processing transactions using WeChat Pay. Compare this to Apple Pay, which has only reached 127 million monthly active users, even with the advantage of having it come pre-installed on every Iphone already.Īs of October 2018, WeChat Pay has over 900 million monthly active users. Within the estimated USD $16 trillion Chinese mobile payments market, they have nearly one billion users. Tencent developed WeChat Pay as a director competitor to Alibaba’s Alipay, and to further integrate users into its social media platform, WeChat.Īs of Q3 2018, WeChat Pay took 84.3% of the market shares in the third-party mobile payments sector in China, maintaining its spot at number one in the market. WeChat Pay was developed by Tencent, one of the biggest Chinese multinational investment holding conglomerates whose subsidiaries specialize in various Internet-related services and products both in China and around the world. Differences Between WeChat Pay and Alipay Read Nowįirst of all, let me give you some background information on WeChat Pay to you all.How to Accept Alipay for your Business? Read Now.How to Setup Alipay (Individual) Read Now.How to Accept WeChat Pay for your Business? Read Now.How to Setup WeChat Pay (Individual) Read Now.Merchants who want to start accepting WeChat Pay for their businesses and Alipay may also find this blog useful! For those that often serve Chinese tourists or Chinese customers this can be a great way to boost your business! No worries, these two payment methods are actually also available for people living overseas as well, continuing reading for further guidance. “What, China? I live in the United States!” ![]() If you are living in China, you’ll already be familiar with the two online electronic payment methods, which are WeChat Pay and Alipay respectively. ![]() Interested in learning how China is leading the digital payment revolution? Living in China and want to get in on it yourself? Or are you a business owner with tons of Chinese customers hoping to make their buying experience easier? If so, this is the article for you.
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