What is WeChat?
With over 1.08 billion monthly active user accounts as of the third quarter of 2018, WeChat has become one of the most impactful mobile products on the planet. Since its start as a chat app, WeChat has grown to become a market-leading platform by connecting people, services, and businesses in China and around the world.
What is WeChat Official Account?
WeChat Official Accounts are a service launched for companies, organizations, government, media, celebrities, and enterprises. Official accounts can be used to promote brands to millions of users. For vendors, a WeChat official account is not only an essential way to reach customers, but also required before applying for the WeChat Pay service.
About WeChat Pay
What is WeChat Pay?
WeChat Pay is a payment feature integrated into the WeChat app, users can complete payment quickly with smartphones. WeChat has Quick Pay, QR Code Payments, In-App Web-Based Payments, and Native In-App Payments, all to fulfil the full range of scenarios your customers expect to fulfill different payment situation. Combined with WeChat official accounts, WeChat Pay service explores and optimizes o2o consumption experience, provides professional internet solutions for physical business. It is the best choice of mobile payments.
What features does WeChat Pay have?
WeChat has Quick Pay, QR Code Payment, In-App Web-based Payment, In-App Payment, Mini Program Payment, to fulfill different payment situation.
How will overseas vendors benefit from WeChat Pay?
More and more Chinese people choose to travel abroad. When a buyer purchases a product from an overseas vendor, this spot exchange rate will be used to convert the foreign currency into CNY. The converted CNY amount will then be deducted from the buyer’s account when the buyer confirms the deal in WeChat Pay. As soon as the buyer finishes the payment, he will follow the overseas vendor’s official account. They can still make purchases through this account after they go back to China.
What currencies does WeChat Pay cover?
WeChat Pay support major currencies including but not limited to GBP, HKD, USD, JPY, CAD, AUD, EUR, NZD, KRW settlement. WeChat Pay will have settlement with vendors according to the price in local currency. For unsupported currencies, trade can be made through settlement on US dollar.
How is exchange rate determined?
The spot exchange rate provided by partner settlement banks (China Construction Bank or China Citic Bank) is used in the WeChat Pay Cross-Border Service. When a buyer purchases a product from an overseas vendor, this spot exchange rate will be used to convert the foreign currency into CNY. The converted CNY amount will then be deducted from the buyer’s account after confirming the transaction in WeChat Pay. For unsupported currencies, transactions will be settled with US dollars.
Which countries/regions are supported by WeChat Pay?
Till to 30th, Aug, 2019, around 60 countries/regions (in addition to China Mainland) are supported.
Hong Kong(China), Macao(China), Taiwan(China), United Arab Emirates, Indonesia, Israel, Laos, Malaysia, Maldives, Myanmar, Nepal, Cambodia, Singapore, Sri Lanka, Kazakhstan, South Korea, Turkey, Thailand, Vietnam, Pakistan, Philippines, Japan
Denmark, Finland, Iceland, Norway, United Kingdom, Sweden, Switzerland, Ireland, Russia, Bulgaria, Poland, Romania, Turkey, Austria, Czech, Slovak, Croatia, Germany, Hungary, France, Netherlands, Belgium, Luxembourg, Greece, Italy, Malta, Portugal, Spain
Australia, New Zealand
Egypt, Kenya, Morocco, South Africa