![]() Also, make sure that you enter the mobile number currently registered with the bank account and that it is able to receive SMS messages so that you can complete verification via SMS code. Make sure to enter your full name exactly as is listed on your bank account (including capitalization, spaces, and punctuation).This can be found in either your account opening documents or account deposit book. Enter this code to verify to link the card. Mobile number registered with the bank accountĪfter entering this information, an SMS code will be sent to the mobile number registered with your bank account. ID number used to open the account (such as passport, China's Mainland ID card, Mainland Travel Permit for Hong Kong and Macao Residents, or Mainland Travel Permit for Taiwan Residents)ĥ. ![]() Your full name (exactly as listed on the bank account)ģ. While they are arguably successful, WeChat has literally changed the way business is done in China, almost to the point where the phrase ‘why don’t you WeChat the money to me’ would not sound out of the ordinary.During the process of linking and verification, you will need to provide the following information:Ģ. In my case, I chose Paypal and indicated that I would like payment of Chinese yuan to be received via WeChat. In order to comply with relevant laws and regulations, WeChat Pay now requires real-name authentication for all users. Phone manufacturers such as Apple and Samsung are trying to make paying with one’s phone easier than pulling out a fistful of cash or their card. Swapsy gives me the option to transfer through either Paypal (USD & GBP) or through direct bank transfer via Zelle (USD). ![]() WeChat has made a tremendous splash in not just the social networking space, but that of mobile payments as well. Chinese citizens are so reliant on the service that Markus Eichinger of Wirecard said that WeChat Pay is ‘ a must-have payment option’, especially considering that some European stores might not accept Chinese UnionPay cards. In July 2017, Tencent brought the service to Europe, targeting Chinese tourists to the continent. So prominent is WeChat Pay that Apple has opened up payments on the Chinese Apple Music and App Store services to Tencent’s mobile payment platform. ![]() That statistic is not even counting Tencent’s biggest competition, Alibaba, whose Alipay service has 450 million users, although its payment volume is bigger at $1.7 trillion. As of 2017, WeChat Pay boasts 600 million users compared to Apple Pay’s 86 million and Samsung Pay’s 34 million. WeChat has processed $1.2 trillion in payments from 2016. WeChat Pay has seen widespread adoption at a pace that Apple, Samsung, and other companies can only dream of. In some instances a QR code might not even be needed, as two WeChat friends could send money to each other with a PIN-verified transfer, either directly or through a hongbao, a gift-giving feature reminiscent of people exchanging red envelopes full of money during Chinese New Year. Stores now have official WeChat accounts that bypass the need for a Point of Sale (POS) system, allowing users to simply scan the stores’ QR code. The user may link a credit or debit card to their WeChat account, but they can also transfer money to a ‘Wallet’ that may be used separately from any card linked to the account, allowing for easy payments in the event someone’s card gets declined. The transaction is verified with a user-created PIN number and the money is instantly transferred. ![]() The app instead utilizes Quick Response (QR) scanning, where one user scans the other’s QR code with their phone camera. While Apple Pay and its Android counterparts rely on Near-Field Communication (NFC) technology to process payments, alongside proprietary fingerprint verification methods such as Touch ID, WeChat Pay’s method is less hi-tech, but nonetheless effective. But beginning in 2013, WeChat introduced a payment service called WeChat Pay that allowed users of the app to transfer money to each other and purchase in-app services, such as hailing a cab, paying utilities, and renting a bike. For example, users are able to share pictures and status updates on the Moments feature, not unlike Facebook. WeChat, a mobile messaging app developed by Tencent in 2011, has grown into something far bigger than its origins as a Chinese-style WhatsApp. While people in the West are still getting to grips with new ways to pay like Apple Pay and Samsung Pay, a Chinese social network is changing the way people in China handle financial transactions. ![]()
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