A silent update that can make a lot of noise
Wechat has received a small update… with a lot of potential. As it often happens, it is the silent change that causes the biggest ripples. Here comes the new Wechat money transfer system
We do not know if you have noticed but WeChat updated their iOS version without announcing it.
This slight change come along at just the right time to challenge Alibaba’s Alipay which day by day attract more social app user’s wallet. It also come just after Weibo decided to launch the same kind of features on its mobile app. WeChat just took the lead before them publicly.
So how exactly does it work ?
It gives the ability for users to transfer money to their contact. Unfortunately it is still only for people based in China and that have registered their bank account information to the app or to a Tencent account. You can see on the following pictures how it starts :
Then your friend receives a notification by chat :
The new WeChat option is nothing compared to what WeChat accomplished before and what the brand could do in the future. It is still far from making him the leader on the mobile wallet service but it already encourages people to use their phone to make payment, and more importantly to use Tencent Wechat to do it, not Alipay. Whether it is online payment, ecommerce, personal finance fund or even online taxi ordering, WeChat is only at the beginning of its rise to power.
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