With over 1.08 billion monthly active user accouts as of the third quarter of 2018, WeChat has become one of the most impactful mobile products on the planet. Since its start as a chat app, WeChat has grown to become a market-leading platform by connecting people, services, and businesses in China and around the world.
WeChat Official Accounts are a service launched for companies, organizations, government, media, celebrities, and enterprises. Official accounts can be used to promote brands to millions of users. For vendors, a WeChat official account is not only an essential way to reach customers, but also required before applying for the WeChat Pay service.
WeChat Pay is a payment feature integrated into the WeChat app, users can complete payment quickly with smartphones. WeChat has Quick Pay, QR Code Payments, In-App Web-Based Payments, and Native In-App Payments, all to fulfil the full range of scenarios your customers expect to fulfill different payment situation. Combined with WeChat official accounts, WeChat Pay service explores and optimizes o2o consumption experience, provides professional internet solutions for physical business. It is the best choice of mobile payments.
WeChat has Quick Pay, QR Code Payment, In-App Web-based Payment, In-App Payment, Mini Program Payment, to fulfill different payment situation.
More and more Chinese people choose to travel abroad. When a buyer purchases a product from an overseas vendor, this spot exchange rate will be used to convert the foreign currency into CNY. The converted CNY amount will then be deducted from the buyer's account when the buyer confirms the deal in WeChat Pay. As soon as the buyer finishes the payment, he will follow the overseas vendor’s official account. They can still make purchases through this account after they go back to China.
WeChat Pay support major currencies including but not limited to GBP, HKD, USD, JPY, CAD, AUD, EUR, NZD, KRW settlement. WeChat Pay will have settlement with vendors according to the price in local currency. For unsupported currencies, trade can be made through settlement on US dollar.
The spot exchange rate provided by partner settlement banks (China Construction Bank or China Citic Bank) is used in the WeChat Pay Cross-Border Service. When a buyer purchases a product from an overseas vendor, this spot exchange rate will be used to convert the foreign currency into CNY. The converted CNY amount will then be deducted from the buyer's account after confirming the transaction in WeChat Pay. For unsupported currencies, transactions will be settled with US dollars.
When the buyer has completed the payment, the amount will be allocated to a partner settlement bank for currency exchange. After collecting payment from the buyers’ account instantly, WeChat Pay will buy foreign currency in T+1 day according to the spot rate that the settlement bank provides. When vendors’ turnover accumulates to 800 USD (lower limit), we will transfer payments to the receiving bank account of vendors immediately.
WeChat Pay will pay the remittance fee for the settlement banks. WeChat Pay is not responsible for any fee charged by the intermediary or receiving bank.