WeChat Pay, a payment function built into WeChat, an application developed by Tencent, is operated and provided with a payment license by TenPay, which allows users to complete payments through WeChat. The function is based on quick payments tied to bank cards.
As of the fourth quarter of 2017, WeChat Pay was the second largest mobile payment platform in mainland China, with a market share of 38.15%. On August 15, 2018, Tencent reported its consolidated second quarter and interim results, showing that the combined monthly active accounts of WeChat and WeChat reached 1.058 billion. WeChat Pay is the core “smart life solution” that has so far covered millions of stores and more than 30 industries, and users can use WeChat Pay to see doctors, shop, eat, travel, pay utility bills, etc. WeChat Pay has penetrated into every aspect of life.
In August 2013, WeChat announced the launch of version 5.0 with the new WeChat Pay feature.
In OctoberPICC2013, WeChat Pay partnered with PICC to provide WeChat Pay users with a full payout service. Users who have their funds stolen using WeChat Pay can apply to WeChat Pay for full compensation.
In January 2014, WeChat Pay launched the red envelope function, and also cooperated with DiDi(A taxi-hailing software) to launch the payment service.
In September 2015, WeChat Pay was fully opened to service providers.
In November 2015, WeChat officially opened cross-border payment capability.
In September 2016, “WeChat Buy” function was launched with zero threshold access, helping small and medium-sized merchants to get rid of technical baggage.
In July 2017, WeChat Pay launched the new WeChat Pay Overseas Open Platform, lowering the access threshold for overseas merchants.
In June 2018, WeChat Pay announced a strategic cooperation with Michelin Guide.
In order to facilitate the use of WeChat, people bind their bank cards or credit cards to their WeChat. When a user needs to pay, he only needs a cell phone, and he can pay anytime and anywhere without carrying money, which improves the convenience of shopping. At the same time, for merchants, payment can be made quickly, which greatly simplifies the business transaction process.
WeChat Pay not only has various payment methods such as online QR code, online and offline scanning, but also can be used for finance, cab, life payment, takeaway, credit card repayment, city services and Tencent public welfare, etc. Users can also enjoy membership privileges and get various benefits while making payments.
Founded in 2004, Alipay Network Technology Co., Ltd. is a third-party payment platform dedicated to providing “simple, secure, fast and convenient” payment solutions for businesses and individuals. Nowadays, most people in mainland China have replaced cash or credit card transactions with Alipay as one of the mainstream payment. methods.
AlipayHK is a localized payment platform launched by Alipay in Hong Kong, and its standalone mobile application was officially launched in Hong Kong on May 25, 2017. After registering with a Hong Kong cell phone number and binding a Hong Kong credit card, users can make purchases at over 2,000 retailers in Hong Kong and simply scan the QR code displayed by the merchant to complete the payment.
In 2007 Alipay began serving the Hong Kong market .
In August 2016, the Hong Kong Monetary Authority issued a third-party payment license and Alipay Hong Kong became the first payment licensee to provide digital financial services to local users.
On May 24, 2017, AlipayHK was officially launched.
In March 2018, AlipayHK has more than 1 million users and 10,000 partner merchants in Hong Kong.
In June 2018, the world’s first blockchain-based e-wallet cross-border remittance service went live in Hong Kong.
In January 2020, Hong Kong users can simply open AlipayHK and use their cell phones to pay in Hong Kong dollars for public transportation in Guangzhou.
1. Three major services
The AlipayHK provides three major services: code payment, merchant discount and stamp collection. Besides, AlipayHK will be opened in the future to charge phone bills, pay utility bills, transfer money, take a taxi, insurance and other functions, so that Hong Kong people’s “cashless” life is in line with the mainland.
2. Cross-border remittance
AlipayHK users can send money to Gcash, a Philippine wallet, via blockchain technology, and Standard Chartered Bank in Hong Kong will be responsible for end-of-day fund clearing and foreign exchange.
3. Cross-border services
In the AlipayHK application, click on “Cross-border Services” on the home page, then select the travel code and click on “Guangzhou Yangcheng Pass” to enable you to use the Hong Kong version of Alipay to scan the code and automatically deduct HKD from the AlipayHK client at the real-time exchange rate.
In the AlipayHK app, you can click “Cross-border Services” on the home page, then select the code and click “Guangzhou Yangcheng Pass” to enable you to scan the code and have your Hong Kong dollars automatically deducted from the AlipayHK client at the real-time exchange rate.