The popular messenger app has just launched this new wallet service to users in this market.
The exceptionally poplar messenger app has now announced the launch of a WeChat mobile payments service that is now available to be used as a wallet application by consumers in Hong Kong.
The WeChat Pay service provides Hong Kong consumers with the ability to pay for purchases within the app.
The idea behind the WeChat mobile payments features is that as consumers use the app, they can buy what they want without ever having to exit the application. Essentially, it means their mobile wallet goes where they do while they’re using their smartphone or tablet. According to the Tencent head of Hong Kong and Taiwan Office, International Business Group, Norman Tam, “We are so excited to bring WeChat Pay, a new mobile experience that allows users to pay on the go in the simplest way, to Hong Kong.”
Tam explained that WeChat mobile payments provide both seamlessness and security to m-commerce.
He explained that the mobile app has been specifically customized for users in the Hong Kong market. He said that while WeChat Pay gives users a solid mobile wallet option, it also provides “our partners with the benefit of a direct connection to WeChat’s massive community that other payment platforms cannot provide. This is truly a triple-win for us all.”
In order to be able to use the WeChat Pay service, users must enter their Visa or MasterCard information into their accounts in the app. In order to boost the security level of the transactions, users are then prompted to create a unique six digit PIN that they will need to remember and use every time they want to complete a purchase transaction within the app.
The setup process is meant to be quick and easy. Once it is complete, users gain the ability to immediately purchase products and services by tapping their smartphones on point of sale reader devices. Upon the launch of the WeChat mobile payments service, users are able to buy transportation fares, tickets, and travel products. According to reports on the new feature, there will be additional categories coming soon.
The Scotia Capital analysts said that there are three main strategic options that the Ontario, Canada-based company currently has within its reach. The first would be to step out of hardware while facing a one-time cost that they predict to be around $100 million (USD). The second would be to license its operating system or brand as a whole to another hardware manufacturer. The third would occur if the company’s hardware segment manages to reach profitability this year, in which case it should continue its operations.