![]() For example, it encourages WeChat users to scan codes at stores to purchase products and enjoy discounts.Īnother Chinese social network Weibo, in March also launched an online payment service WeiboPay to translate its heavy Web traffic into revenue, according to a separate report by China Daily. The company has long indicated its goal to venture into the e-commerce area, but has been looking at ways to monetize its user base without charging for the app, the Xinhua report said. Tencent will also handle all backend technical integration and support for these merchants, including page design and payment linkups, Liu Sishan, the Chinese company's public relations officer said in the report, but did not reveal how Tencent charges the vendors. Fast food chain McDonald's, for instance, is among the first batch of merchants to open up an online channel through WeChat where its followers can pay 3 yuan (US$0.49) for an afternoon tea discount coupon, and transactions are completed under the WeChat payment framework. Employees that pay with WeChat Pay can automatically send that transaction data to their employers to be reimbursed. The data would be transmitted using Tencent’s blockchain platform, the company explained, adding that the capability could eventually address friction in the corporate expense reimbursement process and cut down on expense fraud.Since early-June, WeChat has enabled a selected number of registered corporate accounts to offer online shopping services, the report noted. WeChat Is China’s Most Beloved (and Feared) Surveillance Tool According to the new book Influence Empire, and this Jarticle in Bloomberg, WeChat became so powerful that it could have posed a real threat to Beijing’s rule. Citing concern for national security and safety of people’s assets, 10 government agencies announced the crackdown in an effort to clamp down on illicit activities and financial speculation. Earlier this month, CoinDesk reported that Tencent is piloting a feature that uses WeChat Pay data to inform employers when an employee has made a purchase. 24, China announced a blanket prohibition on all cryptocurrency transactions and mining. WeChat's expansion of its payment app comes at a time when the company is testing advanced technologies, including blockchain. Grab is seen as a formidable competitor to WeChat in Malaysia, given its presence in the country. ![]() The report pointed to Grab, the ride-hailing company that partnered with Maybank in Malaysia to boost its mobile wallet GrabPay. At present, WeChat Pay can be used at over 130,000 shops in 13 foreign markets - including in the United States, Europe and Japan - and supports 10 currencies, Tencent said. In order for WeChat to take off in Malaysia, it will need to ink partnerships with local banks. The report noted there is a huge opportunity for mobile payments in Malaysia although cash is still the preferred payment method, the number of mobile phones has surpassed the population by more than 10 million. Reliance Industries new-energy biz makes stock attractive, Goldman Sachs. WeChat would not say how many customers it currently has. Tencent WeChat Pay rejig would have 1 billion problems. Lau, senior vice president at Tencent, told Reuters back in November when it landed a Malaysian ePayment license, noted Financial Times. Bringing WeChat Pay to Malaysia is our response to this,” S.Y. Technology-savvy Malaysians are embracing a digital lifestyle, and to meet this shift, the payment experience has to evolve. Tencent's WeBank and Alibaba’s MyBank are pilot banks for the digital currency, alongside six main state. The move will allow Tencent users to pay with the nation’s official digital currency through WeChat Pay after opening the WeBank digital yuan wallet on the official eCNY app. The report noted that the expansion of the payment platform into Malaysia implies that the company is building a local payment service instead of expanding overseas by enabling Chinese customers to pay when traveling abroad. WeBank, a digital bank co-founded by Tencent, began to support the use of China's digital yuan on Thursday. Skoro polovina ech by ráda do dchodu okolo edesátých narozenin nebo i díve, estina lidí dokonce u v 55 letech. transactions with eight Chinese apps including Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s digital wallets, riling Beijing days before he’s slated to leave office. Tencent's WeChat, which is the leading messaging app in China, has rolled out a digital payment platform in Malaysia in what is its first Asian market outside of China and Hong Kong.Īccording to a report in Financial Times, WeChat users in Malaysia can transfer money between friends and family and make payments to offline merchants in the country's currency. Facebook Twitter Pinterest LinkedIn President Donald Trump signed an order banning U.S.
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