Where are they, where are they going, and how is it going to delight your customers?
It is no longer a surprise when we see people paying through their mobile phones, we often see people hovering their phones across scanners at the cashier. Since this is becoming a hype all around the world, it is time for Malaysia to enjoy another mobile payment method called WeChat Pay.
Alipay was first created as the main payment for Taobao – the B2C platform of Alibaba. Alipay playing the role of the 3rd party, temporarily holds the money paid by the buyer and only releasing the money to the seller until the buyer confirms the product has been received in good condition. Recently, Alipay has even started to use it on other platforms other than Taobao.
WeChat Pay is an outgrowth of the WeChat social communication mobile app. Users who have their payment details recorded on their phone have been able to navigate their daily spending, from paying bills to transferring money and purchasing goods, exclusively on one mobile app.
During the recent years, Alibaba and Tencent have been very active in strategic investments in successful early to mid-stage start-ups operating in sectors with potential collaborations.
Let’s see how the convenience given by Tencent’s newest feature WeChat Pay, could impact our life!
Despite Alipay achieving a competitive advantage in the e-commerce industry mainly due to the popularity of Taobao. However, WeChat has more than 20 million active users in Malaysia, hence, providing Tencent, WeChat’s parent company a good head start on their introduction of the new payment method, WeChat Pay in Malaysia. Hopefully WeChat users will quickly adopt to this convenience and e-commerce will have another added payment method for their business!
Today, majority of shopping malls in China accept payment methods such as Alipay or WeChat Pay just by scanning QR code, whether it’s a fully automated vending machines, traditional checkout counter, or even hawkers are entire to have both payment method. Soon Malaysians will be able to enjoy this convenience and all you need to look forward to is a cashless shopping experience!
Alipay and WeChat have a direct connection with Airbnb, Uber, hotels, flights and train tickets. Hence, travelers can enjoy booking only on one app via integrated partners, playing the role as the one stop mobile application to go to when you travel. Finally, travelers don’t need to worry about carrying bulky small change while traveling anymore.
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