A cashless day with WeChat Pay
While using money to barter for goods and services has long been a practice for humans engaging in trade, the use of paper bills only first came about during the Tang Dynasty
(A.D. 618 - 907) in China. Since then, using paper bills have become the norm across humanity and one cannot imagine a world without the use of such bills.
But is that really so?
A journalist from Channelnewsasia
, one of Singapore’s leading media news outlet, recently embarked on an experiment in China. He was to try going around without cash for one entire day and to rely only on his mobile phone for payments. Despite knowing about the widespread use of mobile payments in China, he nonetheless expressed his doubts over whether it was indeed possible to last one entire day without using cash. As the story goes, he was able to rent a bicycle, buy street food and pay for his taxi fare all using his mobile phone.
Up till 2014, cashless transactions in China were still largely unheard of. However, upon the introduction of the WeChat wallet and WeChat pay, the use of mobile payments exploded in a matter of a few years. By the end of 2016, there were over 890 million active users on WeChat
. Much of the credit for this widespread adoption goes to the astuteness of the teams behind Tencent’s WeChat app as well as WeChat pay. By first driving adoption, they managed to convince many people to use the WeChat app. This consequently created a base of people using electronic payments making it easier for businesses to utilise the WeChat pay platform as a main payment mode.
Right now in Singapore, cashless transactions have largely been dominated by the use of debit and credit cards such as Visa and Mastercard
. Although the use of these cards is indeed convenient, it ultimately cannot beat the convenience of mobile payments. After all, one cannot leave the house without bringing a smart phone, so why go through the added trouble of having to rummage through your pockets or wallets in search of that credit card?
With the entry of WeChat Pay and Alipay into Singapore by FOMO Pay, it is only a matter of time before mobile payments become the norm here. The growing number of businesses adopting both WeChat pay and Alipay means that the mobile payments revolution in China would soon be replicated in Singapore. In the not-so-distant future, we would similarly be able to leave our homes without anything but our mobile phones.
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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 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.