February 18, 2019

The FinTech Story of WeChat

WeChat, which was developed by Tencent in 2011, is one of the top five instant messaging apps globally. In 2018, it grew its monthly active users to 1.08 billion (one billion daily active users). WeChat provides three major services – chat, wallet, and third-party services. Its chat services have messaging, voice messaging, and video calls integrated in it. WeChat Wallet enables users to pay bills, recharge mobiles, make purchases online, transfer money to other users, and make QR code payments at merchant stores. It also helps users to buy wealth management products, virtual currency, and gifting products. WeChat’s third-party services comprise subscriptions, online shopping, food delivery, cab riding, travel bookings, etc. WeChat’s turnaround story started in 2014, when it launched the red envelope feature which allows users to send digital cash to their family members, friends, and users. This feature allows WeChat Pay to gain rapid user adoption. Within one…

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