EC Milo Tuesday, 26 March 2019
For More Information: EC Insider
WeChat Pay is currently working on expanding its merchant base to include more outlets similar to KK Mart and Starbucks.
WeChat Pay MY, one of the most popular mobile payment solutions in Malaysia, has seen considerable growth since it was launched in Malaysia last August. WeChat Pay is the mobile payment feature of WeChat, one of the largest social communication platforms owned by Tencent. As of December 2018, Weixin and WeChat combined had 1,098 million monthly active user accounts (MAUs), while WeChat Pay has more than 800 million MAUs (as of the second quarter of 2018), making them one of the most widely used social networks and one of the most popular mobile payments in the world respectively.
WeChat Pay MY supports various types of value-added services from online services such as mobile credit top-ups as well as flight and bus ticket purchases, to offline transactions at retail outlets. Currently, a WeChat Pay MY user can purchase items at retail stores by just scanning a QR code and punching in his payment PIN on his mobile phone.
With a continuously growing number of merchants and users, WeChat Pay MY is now looking to further empower a secure and convenient digital lifestyle in Malaysia.
“Malaysia is one of the standout emerging markets that has quickly adopted to mobile payments. Our mission is to facilitate the development of the Malaysian digital economy by introducing local users and businesses with a simple, secure and convenient mobile payment experience. We believe that with enhanced public awareness, engagements and exposure, we will be able to play a role in leading Malaysian’s digital ecosystem into the next level,” said Poshu Yeung, Vice President of International Business Group at Tencent.
“We are currently working on expanding our merchant base to include more outlets similar to KK Mart and Starbucks. This will sequentially give users more opportunities to use WeChat Pay MY for easier and more seamless payment transactions,” said Jason Siew, CEO of WeChat Pay MY.
To demonstrate WeChat Pay MY’s commitment to leading the way forward in the digital payment arena, WeChat Pay MY put together its first showcase of how it intends to encourage adoption and usage of mobile payments in the near future. An experience zone, simulating various innovative payment service experiences at a convenience store, a food and beverage outlet, a petrol station, and even a regular roadside vendor stall, presents how WeChat Pay MY can be applied to users’ daily lives.
More advanced services have also been presented during the event. WeChat Pay MY has unveiled a fully digitised vending machine to guests where payments can be made via WeChat Pay MY instead of sorting through small notes or coins to purchase an item.
Another new service will soon be available in mamak restaurants around the Klang Valley is the online ordering service that allows users to order their choice of food and beverage through WeChat Pay MY and make payment instantly. This service provides regular mamak goers a smoother way of ordering and paying for food without having to wait for a waiter to take their orders or queue up to pay for their bill. There was also a ‘kuih-muih’ stall fashioned to show potential merchants at the event just how easy it is to conduct transactions using WeChat Pay MY, as plans are already underway to get local ‘pasar-malam’ or roadside stall vendors to adopt the payment solution.
The most futuristic presentation, however, is about WeChat Pay MY’s plan to enable users to purchase petrol. The mini-kiosk demonstrates a smart solution where users can select a petrol station, key in the amount of fuel that they would like to purchase and once they arrive at the kiosk, a camera will detect the car plate number to activate the pump. Users can then fill their tanks immediately and be on their way in no time. These are amongst the few ideas that WeChat Pay MY has in store for the Malaysian market.
WeChat Pay MY envisions a convenient and rewarding lifestyle for both its users and merchants and will continue to leverage its payment platform’s experience, technologies, and abilities to offer users an excellent mobile payment experience to ease everyone’s daily life.