WeChat Pay

Developed in 2005 by Tencent, WeChat Pay allows customers to pay for the services integrated within Tencent’s mobile platforms (taxis, air tickets and group buying) and at Tencent’s online store. It can also be used to pay utility bills.

WeChat Pay supports e-commerce, P2P and online payments, as well as in-store transactions and cash withdrawals. Since 2011, TenPay has powered WeChat Payments on the WeChat app, which facilitates QR code, barcode, online and in-app payments, among others.

WeChat Pay’s cross-border payments service is available in 40 countries, 13 currencies and at over 250,000 merchants.

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Availability Available with PPRO
Type Wallet
Company behind LPM Tencent
Market share details $7.01 tn in Chinas trade volume in Q4 2018; 1.08 bn WeChat users
Market relevance High
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