WeChat Wallet functions like Apple Pay, which allows users to purchase products and services with select credit or debit cards (mostly from Asian banks; Chase and Bank of America are not available, for instance.) Unlike Apple Pay, WeChat Wallet has integrated its parent company Tencent-owned services to let its 800 million-plus monthly users do things like pay for utilities and manage personal finance, within WeChat. It has also partnered with a limited number of third-party companies to make them more discoverable on the platform.
Why It’s Hot
WeChat is an incredibly popular 1:1 networking platform that successful global brands have recognized as a key platform for reaching the Chinese market. This, coupled with tech like WeChat Wallet and the growing functionalities of ChatBots thanks to sophisticated AI, lays the ground work for countless opportunities for brands to monetize their 1:1 efforts in key markets.
Starbucks – a long time early tech adopting brand – is already getting in on the opportunity for WeChat Wallet in this market.
For some of our global brands where China is a key market, like ETS, this is definitely a trend to watch.