10-must-know-of-wechat-pay-and-fomo-pay

10-must-know-of-wechat-pay-and-fomo-pay

Latest WeChat Statistics and Trends in 2017



WeChat, also known as Weixin (微信) in China, is a widely popular mobile messaging app with additional in-app services including a mobile wallet (WeChat Pay), Official Accounts, and more. In China, WeChat had a monthly active user base of 706.7 million in March 2016. WeChat’s massive user base offers enormous marketing opportunities and avenues for businesses to reach out to new customers. In addition, Tencent has taken steps to increase opportunities for marketers to reach WeChat users, with feature additions such as Mini Programs, Moments advertising, and partnerships with WeChat Key Opinion Leaders.

To better understand the app and its user base in China, we will be looking at some latest key statistics and trends of WeChat.

1. The main bulk of WeChat users in China are between the ages of 18 and 35.

Specifically, 86% of WeChat users in China are between the ages of 18 and 35. This population group tends to have higher education and income, and is expected to be responsible for the bulk of China’s consumption growth in the coming years. Only 1% of active WeChat users are aged 55 and above. This gives WeChat plenty of room to target seniors in China, who may be still adjusting to adapt to digital technology.

2. WeChat users are very engaged.

94% of WeChat users in China accessed the app daily, and 1 out of 5 WeChat users in China accessed the app more than 50 times per day. In addition, more than 50% of users spent at least 1 hour on the app per day.





3. WeChat Pay is one of the most popular features in WeChat.

WeChat Pay, also known as Weixin Pay in China, is WeChat’s in-app mobile wallet that was introduced in 2013. The feature allows users to pay for goods and services offline quickly through scanning a QR code generated by the app, transfer money between peers, send and/or receive digital Red Envelopes, and pay for purchases bought through the app. More than 200 million users in China have tied their bankcards to WeChat’s mobile payment feature, WeChat Pay. 33.9% of users in China use WeChat to send and/or receive money on a daily basis, and 32.5% of users in China use WeChat for mobile payments.

Many businesses are recognizing the opportunities brought about by WeChat Pay, and international merchants are starting to adopt WeChat Pay in order to attract more consumers from mainland China. Tencent has also taken initiatives to promote WeChat Pay for international payments – when consumers purchase products using WeChat Pay overseas, the transaction is conducted in Chinese yuan. Hence, they do not need worry about the exchange rates. In Singapore, known brands and companies like StarHub, Marina Bay Sands, Lacoste, and TWG have also turned to accepting WeChat Pay as one of their payment methods in order to convert more mainland Chinese shoppers into customers. This can be done together with the launch of WeChat promotional campaigns using the app’s other features, such as sending coupons via WeChat Shake or the company’s WeChat Official Account.

4. WeChat is the most popular app used by marketers in China.

Based on a 2015 Forrester Research survey of 50 marketers in China, 92% of respondents used WeChat for marketing, followed by Sina Weibo (78%) and LinkedIn (60%). This shows how useful WeChat is as a platform in reaching out to targeted audiences in China, given its loyal and engaged user base, and the wide array of features available for businesses to utilize.

  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 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.

www.fomopay.com
Apply Now