WeChat’s WePay Is The Virtual Payment Model We Need To Copy

WeChat’s WePay Is The Virtual Payment Model We Need To Copy

It makes cashless payments easy and convenient

We’re in Shenzen, China to check out Huawei’s sprawling campus this week. Before we give you a deeper dive into the company’s biggest campus, we had a chance to try out WePay, WeChat’s cashless payment system in action for the first time, and boy were we impressed.

You see,while  other company’s payment systems like Samsung’s and Apple’s, require customers to have phones that have specialized hardware like fingerprint scanners and NFC tech, WeChat’s payment system works on virtually all Android phones and devices that have an internet connection and a working camera. In our case we used Huawei’s P10 already pre-loaded with around RMB 150 worth of credits.

Just look for this sign in China

WePay makes it simple to buy anything from almost anyone and anywhere in Shenzen. It doesn’t matter if the store is a small shack selling refreshments and bread to passers-by or a big multinational franchise like Häagen-Dazs – because of WePay’s friction-less system, anyone with a data connection and a WeChat account can transfer and receive money.

When we bought two scoops of ice cream from Häagen-Dazs, we merely had to show our unique QR and bar code to the counter, and input our password for the payment to go through.

For smaller, independent sellers, you simply have to scan their QR codes and input how much you want to send them to pay for whatever you got from their store. Because of how efficient and simple the system is, WePay is present in most, if not all, stores in China.

Sending money via WePay is pretty simple too, just look for the name of the person you want to send money to (or scan their unique QR code), define the amount, and send it over.

Linking credit or debit cards via the app is extremely easy as well, though it only works for cards issued in Hong Kong and China.

This simple, efficient model of cashless payment to merchants should be the model that companies like PayMaya adopt, since it makes sending and receiving cash quick and easy. PayMaya’s upcoming collaboration with Facebook will be a great first step, but they should a take a page from WeChat if they really want to dominate cashless transactions in the Philippines moving forward.

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