![]() ![]() One of the challenges it faced in this early e-commerce market was the lack of trust in online transactions between strangers. In many regards, this success is thanks to two Chinese tech juggernauts whose brands now reverberate around the world: the e-commerce giant Alibaba and the gaming company Tencent, with its social media platform WeChat.Īlibaba started in 1999 as a business-to-business e-commerce platform that required users to pay via their bank accounts. Photo: Sudipto Das, 2015 CGAP Photo Contest Ma Qin, 65, sells handicrafts in the city of Dali, China. This is all the more remarkable because just two decades ago, China was basically a cash economy. Digital payments are becoming so dominant that the People’s Bank of China has had to forbid what it sees as discrimination against cash by merchants who accept only digital payments. The number of people making mobile merchant payments is expected rise to 577 million in 2019 and to almost 700 million in 2022. This rapid shift was enabled by the country’s widespread bank account and smartphone ownership, but nevertheless holds clear lessons for providers in less advanced markets.Ĭhina’s estimated 890 million unique mobile payment users made transactions totaling around $17 trillion in 2017-more than double the 2016 figure.The companies see digital payments not as a goal in itself but as an entry point to a vast ecosystem of both offline and online goods and services-and they are using the data generated to transform financial services as well as the physical retail industry.Chinese giants Alibaba and Tencent pioneered digital merchant payments and have driven the shift away from cash in the Chinese economy, where they now account for 90 percent of the $17 trillion mobile payments market.If you have any other questions, please feel free to contact us. Please refer to the payment page for details. If you request a refund for a transaction, the transaction fee will be reimbursed in proportion to the refunded amount. A 3% transaction fee will be applied for single transactions above 200 RMB. However, transaction fees are waived for single transactions under 200 RMB. The exchange rate will be calculated based on the exchange rate of the card organization and the issuing bank of your international card.Ī: Yes. Q: Is there a transaction limit? How is the exchange rate calculated?Ī: There is a limit of6000 RMB for single transactions, a cumulative limit of 50,000 RMB for monthly transactions, and a cumulative limit of 60,000 RMB for yearly transactions. Please refer to the payment page for specific instructions. However, international cards do not support certain features such as red packets and money transfers etc. Q: What kind of transactions does Weixin Pay currently support for international cards?Ī: Currently, international cards can be used for everyday purchases within the Chinese Mainland. You can use your international phone number as long as it can receive SMS verification codes. Q:Do I need a Chinese Mainland(+86) phone number?Ī:No. ![]() Q: What documents can l use to set up Weixin Pay?Ī: Passport or People's Republic of China Foreign Permanent Resident ID Card Mainland Travel Permit or Residence Permit for Hong Kong SAR, Macau SAR and Taiwan Residents. If you use passport to verify your indent, you will get a notification asking you to upload a photo or scanned copy of your passport. Follow the steps on the screen to fill in your identity information. Read the Weixin Pay User Service Agreement and Private Policy and tap “Agree”. If you cannot find above option, you can follow clicks “M – Setting – General – Tools – Weixin Pay - Enable” or tap ”+” on the top corner of WeChat, then scan the following QR code to enable Weixin Pay. Tap “Me” button in the bottom of your WeChat and access into “Service”, then “Wallet”. Open the WeChat app and register your account with your phone number (need to use your phone to receive verification code). Set up WeChat Pay - Step 1ĭownload latest version of WeChat from app stores, or upgrade WeChat to latest version if you have already installed. Currently, Weixin Pay supports cards of Visa, Discover Global Network (including Dinner’s Club), JCB, MasterCard, etc. Get ready with your international bank cards and required identity documents, usually your passport. Step By Step instruction on where and when can you use Wechat Pay (Weixin Pay) and how to set up your own account, and many useful tips. How to Use WeChat Pay (Weixin Pay) in China - 3 Simple Steps ![]()
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