WeChat is a Chinese multi-purpose messaging, social media and payment app developed by Tencent. It was first released in 2011 in China, and by 2018 it was one of the world’s largest standalone mobile apps by active users, with over 1 billion monthly active users (902 million daily active users). It has been called China’s “app for everything” and a “super app” because of its wide range of functions and platforms. In addition to China, it is also the most popular messaging app in Malaysia, Singapore Indonesia and even in India.
WeChat pay is a payment solution completely integrated inside the social and messaging application of Tencent: WeChat. It is a digital wallet service which allows users to perform payments to buy products and services and send money between contacts. So far, the WeChat Wallet function is enabled only for Chinese WeChat Account holders.
Every Chinese WeChat user has their own WeChat Payment account. Users can acquire a balance by linking their WeChat account to their debit card, or by receiving money from other users. Users who link their credit card can only make payments to vendors, and cannot use this to top up WeChat balance. WeChat Pay can be used for digital payments, as well as for payments of participating vendors.
WeChat Pay provides Online and Offline payment methods based on the QR technology. It supports USD as the settlement currency for Sri Lanka.
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