What is WeChat Pay and how to get started
WeChat Pay, also known as 微信支付, is China's second-largest mobile payment and digital wallet service operated by Tencent and tied to the Super App WeChat.
About WeChat Pay
WeChat Pay, also known as 微信支付, is China’s second-largest mobile payment and digital wallet service operated by Tencent and tied to the Super App WeChat.
WeChat Pay is China’s second-largest mobile payment and digital wallet service operated by Tencent and tied to the Super App WeChat. It allows users to make easy mobile payments by scanning QR codes, transferring money to each other, and completing online transactions.
In 2014, WeChat introduced a feature for distributing virtual red envelopes during the Chinese New Year, and 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. Leveraging WeChat’s wild popularity in China, WeChat Pay is the second most popular payments platform in China, slightly behind Alibaba’s Alipay, with 900 million active users as of 2021.
How To Get Started On WeChat Pay
All WeChat users have their own WeChat Payment accounts, which can be activated by linking their WeChat accounts to their debit cards. Non-Chinese users must provide additional identity verification to use WeChat Pay.
Step 1. Fill out the application form on WeChat Pay
Step 2. Wait for the WeChat Pay team to verify your information, which typically takes 7-15 business days.
Step 3. Sign the agreement in person once verified.
Step 4. Activate your WeChat Pay account.
You can refer to the complete Application Guide here.
Cost To Use WeChat Pay
WeChat Pay charges a merchant fee of 0.6% per transaction. No service fee will be charged for a refund. After the money is refunded to the user successfully, the service fee paid to WeChat Pay for the relevant transaction will be refunded. Refunded service fee = Actual refund amount * service fee rate.