Wechat Money Transfer

Wechat Money Transfer

Top Up Wechat Wallet

WeChat is a Chinese messaging media and payment app developed by Tencent. It was released in 2011, and by active consumers it was one of the world mobile apps by 2018, with over 1 billion monthly active users. Described as one of the planet's most powerful apps by Forbes, it is also called China's"program for all" and a"super app" because of its wide array of functions and platforms. In addition to China, it is the most popular messaging app in Bhutan.

From the 2018 Berkshire Hathaway annual shareholders meeting, Charlie Munger recognized WeChat as among the few potential rivals to Visa, MasterCard and American Express.

WeChat started as a job at Tencent Guangzhou Research and Project center in October 2010. The first version of the app was made by Zhang Xiaolong and called"Weixin" from Ma Huateng, Tencent CEO and started in 2011. The government has actively supported the development of the e-commerce market in China--such as in the plan.

By 2012, when the number of consumers reached 100 million, Weixin was re-branded"WeChat" for the international industry.

WeChat had over 889 million monthly active users in 2016. 90 percent of whom were in China. For comparison, Facebook Messenger and WhatsApp (two other competitive international messaging services better known in the West) had about a billion Monthly Active Users in 2016 but did not provide most of the additional services on WeChat. For example, in Q2 2017 WeChat's revenues from social media advertising were roughly US$0.9 billion (6 billion Yuan) compared to Facebook's total revenues of US$9.3 billion, 98 per cent of which were from social networking advertisements. WeChat's revenues from its value added services were US$5.5 billion.

Messaging

WeChat supplies text messaging, hold-to-talk voice messaging, broadcast (one-to-many) messaging, video calls and conferencing, video games, sharing of photographs and movies, and place sharing. It may exchange contacts with people nearby via Bluetooth, as well as providing various attributes for contacting people randomly if desired (if people are open to it). It can also integrate with other network services such as Facebook and Tencent QQ. Pictures may also be adorned with captions and filters, and an automatic translation service can be obtained.

WeChat supports different instant messaging techniques, such as text message, voice message, walkie talkie and decals. Users may send stored or live lucky money bundles and videos, namecards of users, coupons, pictures, or GPS places with friends either individually or within a group conversation. WeChat's personality stickers, for example Tuzki, resemble and compete with those of LINE, a Japanese messaging program.

Official accounts

WeChat users may enroll as an official accounts, which enables them to drive feeds to readers, interact with readers and provide them with solutions. There are three varieties of account that are official: an agency accounts, a subscription accounts and an enterprise account. They can not change it once users as individuals or organizations set up a kind of consideration. From the end of 2014, the number of all WeChat official reports had reached 8 million. Official accounts of associations can use to get verified (cost 300 RMB or about USD$45). Official accounts can be used as a platform for services such as hospital pre-registrations, visa renewal or charge card service.

Subscription accounts

WeChat subscription accounts is the simple kind of accounts, enabling push content and telling updates for subscribed followers exhibited from the subscription area. These accounts do not support WeChat payment service.

Service accounts

The service account is for companies or organizations to get more advanced features on WeChat. It offers more Application Programming Interfaces (APIs) than subscription accounts, and businesses and organizations can make their own applications according to WeChat APIs. When seeing their page that is messaging users may see the information. Service account service WeChat payment support.

Moments

"Moments" is WeChat's brand name for its own social feed of friends upgrades. Moments allows users to post pictures, article text, post comments, share audio (related to QQ Music or alternative online music providers ), discuss articles and post"enjoys" Moments can be also connected to Facebook and Twitter accounts, and may automatically post Moments content straight to those two platforms.

In 2017 WeChat needed a policy of a maximum of two advertisements every day per Moments user.

Privacy in WeChat works by groups of friends - only the friends from the user's contact are able to look at their Minutes' contents and remarks. This user's friends will only have the ability to find the likes and comments from other users if they're in a mutual friends group. For example, friends enjoys from friends from university and from high school are unable to observe the comments. When their moments are posted by users, they can separate their buddies and they can decide whether this Moment can be understood by groups of people. Contents posted may be set to"Private", and then the consumer can see it.

WeChat Pay payment solutions

In China, users who have provided bank account information may utilize the app to pay invoices, order goods and services, transfer money to other users, and cover in stores if the shops have WeChat payment choice. Vetted third parties, also known as"official reports", offer these services by creating lightweight"apps inside the program". Users can link their bank account, in addition to Visa, MasterCard and JCB.

WeChat Pay is an electronic wallet support integrated into WeChat, which allows users to perform mobile payments and send cash between contacts. Every WeChat user gets their WeChat Payment accounts. A balance can be acquired by users by linking their WeChat account or by getting money from different users. Users that link their charge card may make payments and can't use this to top up WeChat balance. WeChat Pay can be used for payments from participating vendors, as well as payments. As of March 2016, WeChat Pay had over 300 million consumers.

In 2014 for Chinese New Year, WeChat introduced a feature for dispersing virtual red envelopes, built after the Chinese heritage of exchanging packets of money among friends and family during vacations. The feature enables users to send money as gifts to contacts and groups. When sent to groups, the money is distributed evenly, or in random shares ("Lucky Money"). The feature was launched via a marketing during China Central Television viewed New Year's Gala, where viewers were taught to shake their phones during the broadcast for a opportunity to win sponsored money awards from red envelopes. The red envelope attribute considerably enhanced the adoption of WeChat Pay. A month after its launching, WeChat Pay's user base expanded from 30 million to 100 million consumers, and 20 million envelopes were dispersed during the New Year holiday. In 2016, 3.2 billion red envelopes were shipped over the holiday period, and 409,000 alone were shipped at midnight Chinese New Year.

In 2016, WeChat started a service charge when users transferred cash from their WeChat wallet to their own debit cards. On March 1, WeChat payment ceased collecting fees for its transfer function. Starting from precisely the day, fees will be charged for withdrawals. Every user had a 1,000 Yuan (roughly US$150) free withdrawal limit. Further withdrawals of more than 1,000 Yuan were billed a 0.1 per cent commission using a minimum of 0.1 Yuan per cent. Payment functions such as transports and envelopes were free.

WeChat Pay's most important competitor in China along with the market leader in online payments was Alibaba Group's Alipay. Alibaba company founder Jack Ma considered the red envelope attribute to be a"Pearl Harbor moment", since it started to erode Alipay's historic dominance in the online payments industry in China, particularly in peer money transfer. The success prompted Alibaba to launch its own variant of virtual envelopes in its own competing Laiwang service. Other competitions, Baidu Wallet and Sina Weibo, also introduced capabilities.

In 2017 Tencent reported that WeChat had overtaken Alibaba with 600 million busy WeChat mobile charge consumers versus 450 million for Alibaba's Alipay. However Alibaba had a 54 percent share of the Chinese cellular online payments marketplace in 2017 in comparison WeChat's 37 per cent share.

Alipay Recharge - Wechat Money Transfer