WeChat Pay, the payment service of China’s immensely popular chat app WeChat has no plans to conquer the world soon. Tencent Holding’s strategy for expanding WeChat Pay globally basically comes down to ‘following the Chinese tourist’.
WeChat Pay is currently accepted in 25 countries. Tencent is focusing on offering WeChat Pay in these countries to accept money from Chinese travellers. According to a Bloomberg report, WeChat does not have plans in the next three years to do a payments wallet outside of China, except Hong Kong and now also Malaysia.
The chat app is immensely popular in China for its versatility, while WhatsApp and Facebook Messenger still ‘rule’ the western world. “Although WhatsApp and Facebook Messenger have more users, WeChat’s depth of services — including bookings, bike rentals, payments, MiniApps and news — make it the world’s most powerful”, the report says.
The reporter is surprised about the lack of ambition at Tencent: “One day, chat plus wallet will be as obvious a combination as mobile phone plus camera. Tencent did a phenomenal job making WeChat Pay ubiquitous in China.”
Further reading on bloomberg.com