The red envelope feature significantly increased the adoption of WeChat Pay. The feature was launched through a promotion during China Central Television (CCTV)'s heavily watched New Year's Gala, where viewers were instructed to shake their phones during the broadcast for a chance to win sponsored cash prizes from red envelopes. When sent to groups, the money is distributed equally, or in random shares ("Lucky Money"). The feature allows users to send money to contacts and groups as gifts. In 2014, for Chinese New Year, WeChat introduced a feature for distributing virtual red envelopes, modelled after the Chinese tradition of exchanging packets of money among friends and family members during holidays. WeChat Pay can be used for digital payments, as well as payments from participating vendors. Users who link their credit card can only make payments to vendors, and cannot use this to top up WeChat balances. 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 can acquire a balance by linking their WeChat account to their debit cards, or by receiving money from other users. The settlement time depends on the payment method chosen by the customer.Īll WeChat users have their own WeChat Payment accounts. Īlthough users receive immediate notification of the transaction, the WeChat Pay system is not an instant payment instrument, because the funds transfer between counterparts is not immediate. WeChat Pay ( 微信支付) is a digital wallet service incorporated into WeChat, which allows users to perform mobile payments and send money between contacts. Users can link their Chinese bank accounts, as well as Visa, MasterCard and JCB. Vetted third parties, known as "official accounts", offer these services by developing lightweight "apps within the app". Users who have provided bank account information may use the app to pay bills, order goods and services, transfer money to other users, and pay in stores if the stores have a WeChat payment option. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Alibaba company founder Jack Ma considered the red envelope feature to be a " Pearl Harbor moment", as it began to erode Alipay's historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. WeChat Pay's main competitor in China and the market leader in online payments is Alibaba Group's Alipay. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay ( Chinese: 微信支付 pinyin: Wēixìn Zhīfù) is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. Mobile payment service in China WeChat Pay
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