You may have heard of WeChat, but did you know that it is much more than just a messaging app?
Amongst the many other services offered, one of its most popular feature is WeChat Pay – a mobile payment service that allows WeChat users to pay by simply scanning a QR code generated by the app. A survey by Tencent in August 2015 revealed that 68.8% of Chinese people use their mobile devices offline for payments.
WeChat Pay is available in more than 20 countries, including Hong Kong, Taiwan, Australia, Europe, and now – it has finally launched in Singapore, to the excitement of local retailers who are seeking to attract Chinese tourists.
Source: Reuters file photo
Singapore Business Owners: Here are 3 Reasons to Adopt WeChat Pay 微信支付
1. Chinese Tourists are known to be Big Spenders
In fact, Chinese tourists spend the most in Singapore, compared to tourists from other nationalists. According to the Singapore Tourism Board Tourism Sector Performance Report for Q3 2015, China is the top Tourism Receipts generating market (S$789 million).
In the past, Chinese tourists had to exchange money before purchasing goods and services from local retailers. With WeChat Pay, customers can pay in RenMinBi while local retailers can collect payment Singapore Dollars, reducing the hassle involved and inducing spending.
2. WeChat Pay has a Lower Transaction Fee Than Visa/ Mastercard
Currently, WeChat Pay has the lowest transaction rate of 1.35-1.7% as compared to Visa and Mastercard (2.3-3% depending on monthly transaction volume for offline POS), allowing you to earn more profits. Merchants will also have access to an online transaction portal, which updates in real time.
3. Capture Market Share with a First Mover Advantage
As this launch is relatively new, local retailers can stand out from competitors with the adoption of WeChat Pay. WeChat Pay is brought to Singapore by FOMO Pay, the first authorized WeChat Pay partner in Southeast Asia and the ONLY company in Singapore that offers this payment option local retailers.
If you wish to include WeChat Pay into your list of online or offline payment methods or find out more, just email: firstname.lastname@example.org
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About FOMO Pay Pte. Ltd
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 overseas 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.