![]() As a company, you have to offer customers across Europe many payment methods to complete transactions. In addition to direct bank transfer and credit cards, the online payment service PayPal should be mentioned here in the first place. While transactions are still often paid by cash or credit/debit card and with the newer Near Field Communication (NFC) technology via smartphone or cash card in physical stores, e-commerce offers another set of options. In Europe, a variety of payment options has been established. While companies that are active only in the West may not need to integrate WeChat and its many features into their communications and sales strategy (yet), this is not an option for companies already active or planning to become active in the Chinese market. The many possibilities of WeChat Pay are by no means limited to mainland China anymore. For example, purchases can now be made in more than 70 shops at Munich Airport using the app's payment service. This is especially true when this promising market is a regular guest. Due to the enormous market penetration of WeChat's payment service, this hardly happens in China: The smartphone has become a wallet.Ĭompanies in Europe are recognizing the enormous potential of the high-turnover Chinese market and are beginning to make it as easy as possible to spend money for Chinese citizens. In the next post we will share with you how to create a wallet account as a foreigner in China.Have you ever canceled a purchase because the payment method did not work for you? No company wants to lose potential customers at the finish line. It will create a virtual shop combining all the partners of Tencent into one massive virtual mall on each person’s phone. A shopping feature is soon going to be implemented in WeChat making it a fundamental part of everyday life in China. Some companies that are already listed as payment partners are as follows:Ĭhinese e-commerce giant JD is also one of the key partners with Tencent. As the biggest social media platform and still rapidly growing each year, it’s getting more and more important to make the key partnership. It is not a surprise that many enterprises in China are already interested in the easy pay system. There are many companies that have signed up to the WeChat payment system. If the amount is above 300RMB you will need to enter a secret payment code that you set up before. If you have to pay below 300 RMB you simply need to show the code and the transaction is done. The option will then simply display a bar code which a person can show to the cashier in the partner stores. We will cover this in our next blog about WeChat and how to add a card as a foreigner in China. If you didn’t add a card to it, it will ask for your bank card information. On the top there is the “Quick Pay” option: Once you click it the “Wallet” menu will open. Once a person enters their WeChat account in the “Me” section there is the option “Wallet”. ![]() Chinese users already benefit freely from the so called “Quick Pay” (in Chinese “刷卡”, “swipe card”) WeChat is a mash up between Whatsapp, Facebook and PayPal with 438 million monthly active users. If you missed the news, the biggest social network in Asia is already offering these features and more to its customers. But there are other micro-transaction companies that are already making a move. Everyone is speaking about Apple and their announcement of Apple Pay – a system for online payment similar with PayPal. Currently there is a raging war in the field of online micro-transactions.
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