WeChat Pay - The Payments Flow Explained
Arthur Bedel ?? ??
Co-Founder @ Connecting the dots in Payments... | Global Revenue at VGS | Board Member | FinTech Advisor | Ex-Pro Tennis Player
WeChat Pay is the 2nd most used eWallet in China with more than 1.2B users & soon available worldwide
As China’s largest internet company, 腾讯 owner of Weixin/WeChat offers a number of web products. The lifestyle ‘super app’ used for messaging between people, as well as connecting people, services and businesses in China and around the world offers a Payment Method - WeChat Pay - used mainly in:
??eCommerce
??Marketplaces
??Travel
??Education
??Food & Nutrition
It is responsible for 34% of the total mobile data traffic in China and supports cross-border settlements (payouts) in various currencies:
- AUD ????
- CAD ????
- EUR ????
- GDP ????
- HKD ????
- NZD ????
- SGD ????
- USD ????
- JPY ????
WeChat Pay is now available all over Europe, APAC, North America and Oceania offering refunds and partial refunds.
The services offered by WeChat Pay ??
?? Transfer money to friends
?? Pay businesses (both in-person and online)
?? Top-up their mobile phone balance
?? Pay for utility bills
领英推è
?? Book accommodation
?? Online payments through QR Code & more
Now, how does it work:
- Create a WeChat Account
- Shopper validates his cart
- Merchant redirects the Shopper to the Payment Page of the Payment Gateway - Nuvei , Adyen , Checkout.com etc.
- Shopper selects WeChat Pay as Payment Method and is redirected to the Acquirer - Chase , Checkout.com, Stripe etc.
- Shopper scans the QRcode and enters his account details
- After entering his credentials, the payment is Authorized or Declined by WeChat Pay or the Acquirer.
- If Authorized, confirmation is displayed to the Shopper and order is processed by Merchant
- If Declined, another payment method can be selected by Shopper (if Acquirer possesses recovery tools).
Simple, efficient and extremely secured, eWallets are gaining a massive traction and adoption worldwide. æ”¯ä»˜å® , PayPal , WeChat Pay are amazing payment methods that every merchant needs to offer.
No matter where a Chinese consumer is located in the world, they will want to use Alipay or WeChat Pay. It’s crucial to not only offer a local payment method in the original country but to consumers from that country anywhere in the world ?
Source: WeChatPay
?? Sign up to The Payments Brews ??: https://lnkd.in/g5cDhnjC
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8 个月Interesting insights into the impact of WeChat Pay on global payments and the importance of offering local payment methods to consumers worldwide
Data and Analytics for the San Diego CRE market
8 个月end-user experience in e-wallets is top of the line. I'm always delighted to see the option to pay with apple pay. the tokenization element however creates issues for merchants fighting post-auth disputes/chargebacks as these can make matching cb files to order data difficult. will be curious to see how the landscape evolves to accommodate these new revenue streams (ewallets) while protecting merchants from said 2nd order consequences
Doctor of Business Administration / Professor of Business and Finance / Owner at Martin Investment Solutions
8 个月Thank to a dictatorial regime who’s only purpose is total control of their citizens
Director of Partnerships @ Payplug
8 个月Thanks Arthur Bedel ?? ?? Pinging Cédric Belardi and Yuelai PINET here, just in case ??