281:, where viewers were instructed to shake their phones during the broadcast for a chance to win sponsored cash prizes from red envelopes. The red envelope feature significantly increased the adoption of WeChat Pay. According to the Wall Street Journal, 16 million red envelopes were sent in the first 24 hours of this new feature's launch. A month after its launch, WeChat Pay's user base expanded from 30 million to 100 million users, and 20 million red envelopes were distributed during the New Year holiday. In 2016, 3.2 billion red envelopes were sent over the holiday period, and 409,000 alone were sent at midnight on Chinese New Year.
1399:
27:
273:, modelled after the Chinese tradition of exchanging packets of money among friends and family members during holidays. The feature allows users to send money to contacts and groups as gifts. When sent to groups, the money is distributed equally, or in random shares ("Lucky Money"). The feature was launched through a promotion during
301:
had overtaken
Alibaba with 800 million active WeChat mobile payment users versus 520 million for Alibaba's Alipay. However Alibaba had a 54 per cent share of the Chinese mobile online payments market in 2017 compared to WeChat's 37 per cent share. In the same year, Tencent introduced "WeChat Pay HK",
246:
account to their debit cards, or by receiving money from other users. For non-Chinese users of WeChat Pay, an additional identity verification process of providing a photo of a valid ID as well as oneself is required before certain functions of WeChat Pay become available. Users who link their credit
293:
started a service charge if users transferred cash from their WeChat wallet to their debit cards. On 1 March, WeChat payment stopped collecting fees for the transfer function. Starting from the same day, fees will be charged for withdrawals. Each user had a 1,000 Yuan (about US$ 150) free withdrawal
200:
Users who have provided their bank account information can utilize the app for various financial transactions such as paying bills, making purchases, transferring money to other users, and even conducting in-store payments if the stores support WeChat payment. These services are offered by verified
167:
and online transactions. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay reached 1.133 billion active users in 2023. WeChat Pay's main competitor in China and the market leader in online payments is
Alibaba Group's
201:
third-party entities called "official accounts," which create mini-programs or "apps within the app" to provide specific functionalities. Users can link their
Chinese bank accounts to enable seamless transactions through the
419:
294:
limit. Further withdrawals of more than 1,000 Yuan were charged a 0.1 percent fee with a minimum of 0.1 Yuan per withdrawal. Other payment functions including red envelopes and transfers were still free.
228:
and send money between contacts. Now, WeChat Pay has six different payment products: Quick
Payment, QR Code Payment, Mini Program Payment, Official Account Payment, In-APP Payment, and Web Payment.
184:
industry in China, especially in peer-to-peer money transfer. The success prompted
Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Other competitors,
739:
502:
766:
584:
247:
card can only make payments to vendors, and cannot use this to top up WeChat balances. WeChat Pay can be used for digital payments, as well as payments from participating vendors.
438:
677:
789:
235:
instrument, because the funds transfer between counterparts is not immediate. The settlement time depends on the payment method chosen by the customer.
731:
494:
353:
553:
643:
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576:
360:" ecosystems of the major tech companies has led to the introduction of interoperability of payment QR codes of WeChat Pay and competing
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Although users receive immediate notification of the transaction, the WeChat Pay system is not an
993:
278:
1379:
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1040:
177:
790:"Ant Group, Tencent further open up their mobile payment ecosystems to state-owned UnionPay"
1206:
923:
306:. In 2019 it was reported that Chinese users can use WeChat Pay in 25 countries outside of
242:
users have their own WeChat
Payment accounts. Users can acquire a balance by linking their
524:
101:
8:
1159:
256:
1015:
820:
700:
326:
80:
495:"WeChat now supports payments between users and one-click payments | Finance Magnates"
903:
763:"Berkshire Hathaway 2018 Annual shareholders meeting - 11 May 2018 Afternoon session"
606:
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134:
64:
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a payment service for users in Hong Kong. Transactions are carried out with the
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moment", as it began to erode Alipay's historic dominance in the
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1149:
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39:
701:"Tencent and Alibaba Are Engaged in a Massive Battle in China"
1374:
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1186:
1174:
1144:
1080:
1070:
1060:
1025:
1010:
983:
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26:
577:"One photo shows that China is already in a cashless future"
1384:
1344:
1211:
1196:
1100:
918:
873:
732:"Contactless competition: WeChat Pay is coming to the MTR"
390:"WeChat invests USD 15 M to support its service providers"
89:
73:
319:
670:"WeChat Pay UK - What's The Future Of WeChat Payments"
547:
599:
439:"How Social Cash Made WeChat The App For Everything"
765:. Warren Buffett Archive. CNBC/Berkshire Hathaway.
633:
433:
431:
429:
635:"Tencent scores with domination of mobile gaming"
469:"You Can Now Add a Foreign Credit Card on WeChat"
1415:
607:"The Truth About The New WeChat Service Charge"
426:
354:Ministry of Industry and Information Technology
269:introduced a feature for distributing virtual
843:
176:considered the red envelope feature to be a "
857:
337:as one of the few potential competitors to
850:
836:
548:European Central Bank (24 February 2018).
25:
163:based in China that allows users to make
698:
1416:
760:
680:from the original on 20 September 2020
574:
550:"Definition of instant payment system"
831:
787:
711:from the original on 12 November 2017
667:
663:
661:
556:from the original on 9 September 2018
525:"Products - WeChat Pay Open Platform"
631:
613:from the original on 23 October 2017
387:
13:
742:from the original on 4 August 2018
658:
625:
192:, also launched similar features.
14:
1445:
812:
729:
646:from the original on 23 July 2017
505:from the original on 4 March 2016
475:from the original on 19 July 2019
1398:
1397:
769:from the original on 14 May 2018
575:Jacobs, Harrison (26 May 2018).
224:, which allows users to perform
781:
754:
723:
692:
587:from the original on 5 May 2019
250:
16:Mobile payment service in China
788:Zhang, Jane (4 October 2021).
761:Munger, Charlie (5 May 2018).
699:Chandler, Clay (13 May 2017).
568:
541:
517:
487:
461:
412:
381:
147:
1:
375:
329:annual shareholders meeting,
297:In 2019 it was reported that
352:In 2021, the mandate by the
129:, officially referred to as
7:
499:Fin Tech | Finance Magnates
388:Sun, Eric (22 April 2016).
10:
1450:
632:Yang, Yuan (18 May 2017).
284:
254:
220:service incorporated into
195:
172:. Alibaba company founder
1393:
1320:Google Wallet (2011-2018)
1292:
866:
277:(CCTV)'s heavily watched
138:
96:
79:
63:
45:
33:
24:
1424:Mobile payments in China
795:South China Morning Post
736:South China Morning Post
275:China Central Television
668:Jason (14 April 2019).
356:(MIIT) to open up the "
51:; 11 years ago
609:. 18 February 2017.
1244:Touch 'n Go eWallet
471:. 25 January 2018.
420:"WeChat statistics"
257:WeChat red envelope
49:August 5, 2013
21:
1016:Interac e-Transfer
327:Berkshire Hathaway
19:
1411:
1410:
904:Atom Technologies
529:pay.weixin.qq.com
449:on 3 January 2017
151:) in China, is a
124:
123:
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1401:
1400:
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838:
829:
828:
824:
823:
821:Official website
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730:Yeung, Raymond.
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581:Business Insider
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501:. 24 June 2014.
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459:
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445:. Archived from
435:
424:
423:
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410:
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400:on 24 April 2016
396:. Archived from
385:
347:American Express
304:Hong Kong dollar
263:Chinese New Year
216:WeChat Pay is a
149:
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65:Operating system
59:
57:
52:
29:
22:
18:
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1429:Online payments
1414:
1413:
1412:
1407:
1389:
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1130:Oxigen Services
929:Carta Worldwide
862:
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370:Cloud QuickPass
287:
279:New Year's Gala
259:
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233:instant payment
226:mobile payments
198:
182:online payments
165:mobile payments
100:
72:
55:
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46:Initial release
17:
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1227:Samsung Wallet
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994:Google Pay app
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859:Mobile payment
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813:External links
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642:. p. 15.
640:FinancialTimes
624:
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379:
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331:Charlie Munger
286:
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255:Main article:
252:
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218:digital wallet
197:
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157:digital wallet
153:mobile payment
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1340:Microsoft Pay
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1234:Spice Digital
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1125:Osaifu-Keitai
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1001:Google Wallet
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358:walled garden
355:
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313:
310:, including,
309:
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295:
292:
282:
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276:
272:
271:red envelopes
268:
264:
261:In 2014, for
258:
248:
245:
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236:
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229:
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214:
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68:
66:
62:
48:
44:
41:
38:
36:
32:
28:
23:
1330:Lemon Wallet
1268:
1254:UnionPay app
1120:Orange Money
1061:Mobile Suica
1046:Mercado Pago
909:Bancomat Pay
799:. Retrieved
793:
783:
771:. Retrieved
756:
744:. Retrieved
735:
725:
713:. Retrieved
704:
694:
684:18 September
682:. Retrieved
673:
648:. Retrieved
639:
627:
615:. Retrieved
601:
589:. Retrieved
580:
570:
560:11 September
558:. Retrieved
543:
532:. Retrieved
528:
519:
507:. Retrieved
498:
489:
477:. Retrieved
463:
451:. Retrieved
447:the original
443:Fast Company
442:
414:
402:. Retrieved
398:the original
394:AllChinaTech
393:
383:
351:
325:In the 2018
324:
316:South Africa
296:
288:
260:
251:Red envelope
237:
230:
215:
199:
178:Pearl Harbor
148:Wēixìn Zhīfù
146:
130:
126:
125:
35:Developer(s)
1222:Samsung Pay
1135:PayAnywhere
964:EServGlobal
715:11 November
617:11 February
509:13 December
404:12 December
372:platforms.
333:identified
188:Wallet and
159:service by
1418:Categories
1269:WeChat Pay
1264:Wave Money
989:Google Pay
979:Garmin Pay
974:FreeCharge
969:Fitbit Pay
939:CDS Global
894:Apple Cash
889:Amazon Pay
746:13 October
674:QPSoftware
534:2022-12-03
479:26 January
376:References
343:Mastercard
207:MasterCard
190:Sina Weibo
131:Weixin Pay
127:WeChat Pay
116:/wechatpay
56:2013-08-05
20:Weixin Pay
1160:Braintree
1110:Naver Pay
1066:MobilePay
949:Easypaisa
899:Apple Pay
801:7 October
453:4 January
289:In 2016,
1403:Category
1360:Softcard
1310:CurrentC
1279:YooMoney
1192:Payworld
1170:Paydiant
1056:MobiKwik
1036:Line Pay
1031:KakaoPay
1021:JazzCash
959:Ensygnia
954:EnStream
934:Cash App
861:software
767:Archived
740:Archived
709:Archived
678:Archived
644:Archived
611:Archived
585:Archived
554:Archived
503:Archived
473:Archived
366:UnionPay
318:and the
81:Platform
1315:Fortumo
1305:Bell ID
1293:Defunct
1217:Revolut
1202:PhonePe
1165:iZettle
1140:PayMate
1051:Mir Pay
705:Fortune
285:History
196:Service
174:Jack Ma
135:Chinese
114:/public
104:.weixin
97:Website
92:devices
86:Android
70:Android
54: (
1434:WeChat
1365:Tagpay
1355:Simpay
1350:Pingit
1335:LG Pay
1325:Kuapay
1300:AirTag
1274:Wizzit
1182:PayPay
1155:PayPal
1150:PayNow
1076:M-Pesa
944:Circle
884:Alipay
867:Active
773:14 May
650:18 May
362:Alipay
335:WeChat
299:WeChat
291:WeChat
267:WeChat
244:WeChat
240:WeChat
222:WeChat
170:Alipay
161:WeChat
145::
143:pinyin
137::
110:/index
40:WeChat
1375:vcash
1284:Zelle
1259:Vipps
1249:TWINT
1239:Swish
1187:Paytm
1175:Venmo
1145:PayMe
1081:Nagad
1071:Mopay
1026:Jumio
1011:iDEAL
1006:Gopay
984:GCash
914:bKash
879:Adyen
591:5 May
312:Italy
308:China
186:Baidu
1385:Znap
1380:Zapp
1345:Paym
1212:Qiwi
1197:Paze
1115:NEFT
1101:BHIM
1091:IMPS
1086:NPCI
1041:Maya
924:Boku
919:Blik
874:2C2P
803:2021
775:2018
748:2018
717:2017
686:2019
652:2017
619:2017
593:2019
562:2018
511:2015
481:2018
455:2017
406:2017
364:and
345:and
339:Visa
238:All
209:and
203:Visa
155:and
139:微信支付
112:.php
108:.com
88:and
1370:Tez
1207:Pix
1096:UPI
368:'s
211:JCB
118:_en
106:.qq
102:pay
90:iOS
74:iOS
1420::
792:.
738:.
734:.
707:.
703:.
676:.
672:.
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