It’s been almost two years since WeChat, China’s most popular social platform enables WeChat users to pay with WeChat payment in offline retailers. During a WeChat Payment partner conference recently, The number of offline retail stores integrated with WeChat Payment has been revealed: over 300,000.
According to the released data, over 200 million WeChat users have been adopted WeChat Payment by linking their bank accounts to WeChat account. In addition, WeChat fund transfer users are 2.5 times more than WeChat Hongbao users.
Offline retailers are the ones to benefit as well through WeChat payment. For example, McDonald’s China was the first to join in WeChat payment integration in 2015. Now, 30% customers of McDonald’s made payment using WeChat, the top payment option along with cash payment (30%) and followed by Alipay (21%).
Mobile payment is THE way to pay in China
Non-bank payment institutions in China processed a total number of 25.895 billion transactions or 16.51 trillion yuan in 2015, an increase of 101.47% and 102.83% respectively according to People’s Bank of China. Wherein the mobile payment reached 5.633 billion transactions totaling 23.46 trillion yuan.
Alipay and WeChat Pay are the two most popular mobile payment products in the market in China. UnionPay is making a threat with mobile QuickPass and partnerships with ApplePay and SamsungPay.
Forecast says that by the end of this year, WeChat Payment will handle at least RMB 3.6 trillion worth of transactions (around $556 billion), doubling the number of Paypal’s total transaction last year.