3 case studies of successful WeChat e-commerce
WeChat is China’s most popular social media app and mobile app, drawing a monthly active user base of 706.7 million in China in March 2016, according to a report from eMarketer. 86% of WeChat users were between the ages of 18 and 35. This is great news for businesses looking to use WeChat to drive growth, as consumers aged 35 or younger are expected to be responsible for 65% of China’s consumption growth over the next 5 years, according to a Boston Consulting Group and AliResearch study. However, we are often questioned about the effectiveness of WeChat e-commerce, as the mobile app is not as commonly used in Singapore. Today, we will look at 3 successful examples of local companies that have benefited from WeChat e-commerce, through partnerships with FOMO Pay.
1. Furen International School (Education)
Furen International School (FIS) is a Private Education Institution (PEI) established in 2000. The school provides preparatory courses for students taking a major exams such as Cambridge IGCSE, Singapore-Cambridge GCE O-Level, CIE A-Level, and Singapore-Cambridge GCE A-Level examinations. FOMO Pay assisted the school with processing payments for course applications, and other school fees, allowing them to accept Visa MasterCard and WeChat Pay. As a large number of potential and current students are from China, WeChat Pay is their preferred payment method. Using WeChat Pay has an additional benefit – WeChat Pay has daily withdrawal limits of up to 100K RMB, which is much higher compared to Visa MasterCard. Of course, this also depends on the bank account tied to WeChat Pay. As such, it is a popular payment method amongst mainland Chinese students for paying their school fees.
2. Rings.tv (Online Video Streaming)
Rings.tv is a broadcasting platform that allows live streaming of videos, while being able to interact with audiences and obtain data in real-time. It can be used as a platform for various events such as fundraising, or to stream live concerts. In May this year, Singapore Chinese Orchestra used the platform to host its digital Strings Fantasy Concert for viewers who were unable to physically attend the concert. FOMO Pay facilitated digital payment collection for the concert tickets, supporting different payment methods such as WeChat Pay, Baidu Wallet, China Union Pay, and Visa MasterCard. Rings.tv was also used as a platform to raise funds for Tow Boo Kong Temple in Butterworth, Malaysia. The temple occupies a total area of 40,000 square feet, and is one of the most distinctive Nine Emperor Gods Temple in Malaysia. FOMO Pay helped to process digital payments for the fundraising activity, allowing donors to make their contributions via Visa/ MasterCard, China Union Pay, WeChat Pay or Baidu Wallet.
3. Asian Geographic Magazines (Online Subscriptions)
Based in Singapore, Asian Geographic Magazine is Asia’s leading geographical magazine, covering issues about the environment, science, exploration, travel, heritage, arts and cultures. FOMO Pay facilitated payment collection for the ADEX Voice of the Ocean Photo/Video/Art Competition, as each submission required participants to pay a S$2 submission fee. This was made only available to residents of Greater China, specifically China, Taiwan and Hong Kong. To make payment, users only had to key in their name, mobile number, email, WeChat ID, quantity of submissions and accept the terms and conditions. Then, they had to make their payment within 30 minutes via Visa/MasterCard, China Union Pay or WeChat Pay.
About FOMO Pay
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.
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