10 Must Know of WeChat Pay (微信支付) and FOMO Pay!
You have probably heard of WeChat by now, the widely popular Chinese messenger app developed by Tencent Group (TCEHY).
Released in January 2011, the app has reached more than 700 million monthly active users in March 2016! Its largest user base is China, but there are more than 70 million users who use WeChat outside of China.
Unlike the messaging apps that we are familiar with (e.g. Whatsapp or Telegram), WeChat has evolved to provide more than just instant messaging services. With WeChat, users can make in-store payments, start a conversation with fellow WeChat users near them, follow their favourite celebrities and brands, book a cab, top-up mobile prepaid plans… The list is endless.
But first, let’s focus on one of the most favoured features in WeChat – WeChat Pay (微信支付), and FOMO Pay’s role in helping local businesses assimilate into the platform.
1. What is WeChat Pay?
WeChat Pay is an in-app payment service. It is convenient, fuss-free and secure.
2. Do people actually use WeChat Pay?
WeChat Pay and Alibaba’s AliPay are the market leaders in China’s mobile payment industry, with foreign players such as Apple Pay and Samsung Pay entering the Chinese market only recently this year.
However, unlike its foreign competitors, WeChat Pay can be downloaded on Android, iOS, Blackberry, Windows and offers a desktop version.
WeChat Pay has been adopted by over 200 million users to date.
3. What are the features available in WeChat Pay?
Quick Pay (刷卡) – Upon clicking this option in Wallet, the app generates a barcode for the cashier to scan in order to complete the transaction promptly.
QR Code Payment – Users only need to scan a QR Code using WeChat to be directed to the WeChat Official Accounts of businesses for further information or payment.
Example of a coupon from LACOSTE Singapore with its unique QR code.
About FOMO Pay Pte. Ltd
In-App Web-based Payment – Users are able to purchase products from a retailer’s shopping page via its Official Account.
In-App Payment – Users can authorize WeChat Pay to process the payment, regardless of which app the payment is made on.
4. Where can buyers use WeChat Pay?
With Tencent’s latest move in extending WeChat Pay to retailers overseas, WeChat Pay is now accepted in participating stores and websites around the world beyond China.
WeChat Pay supports nine currencies – the US dollar, British pound, Hong Kong dollar, Japanese yen, Canadian dollar, Australian dollar, Euro, New Zealand dollar and Korean won, which will be converted and paid for in renminbi when purchases are made from the app. This makes the transaction convenient for the Chinese tourist, who purchases using renminbi, and for the foreign retailer, who makes the sale using local currency.
5. Will users have to pay extra for using WeChat Pay?
No additional fees will be charged when payments are made through the app. Moreover, users can get exclusive discounts with selected retailers by using WeChat Pay.
6. How is this information relevant to businesses in Singapore?
There are more Chinese tourists visiting Singapore than anywhere else. From January to October 2015, there were about 1.8 million Chinese tourists arrivals in Singapore.
Moreover, Chinese tourist spending is expected to increase by 86% in the next decade to a total of S$305 billion.
Given WeChat’s large user base, its step into mobile commerce is an ideal business opportunity for retailers in Singapore to increase sales.
7. How can local business owners tap into this opportunity?
WeChat is not as commonly used in Singapore, but do not be deterred by the unfamiliar app.
You can still reach out to the Chinese market through FOMO Pay.
8. What is FOMO Pay?
FOMO Pay is a one-stop Chinese payment service provider that allows businesses to receive payment from both Chinese preferred payment methods (WeChat Pay, Alipay, Baidu Wallet, UnionPay) and the usual local preferred payment methods (Visa/MasterCard, eNets, Paypal) by integrating the different payment solutions.
9. Why should I choose FOMO Pay?
Without having to worry about catering to the different payment methods, you can now spend more time on running your business.
Moreover, FOMO Pay offers free IT development to put your item up on sale on FOMO Pay’s e-commerce platform, with no additional setup or management fees.
10. Does FOMO Pay accept online transactions?
FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.