The ubiquitous mobile payment service from Tencent’s “mega app” social network platform.
WeChat Pay is a platform-native payment channel within the WeChat mega-app, which fully connects online and offline spaces in China through social networking, customer service and e-Commerce.
As Chinese nationals increasingly travel abroad, often for the express purpose of retail shopping, WeChat Pay provides businesses with a considerable advantage for serving the demographic. When customers make purchases using WeChat Pay, the app uses the spot exchange rate to convert local currencies to CNY. The purchase amount will be charged to the user’s WeChat account in CNY, saving them currency conversion fees and inconvenience. Connecting through a WeChat transaction also enables users to make further purchases from the vendor online once they return to China, while providing vendors a with a valuable userbase for future marketing and sales development.
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