Chinese mobile social messaging app WeChat received a recent update to its iOS app focusing primarily on streamlined Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term and money transfers.
The new update made improvements to WeChat’s My Bank Account feature improving Pocket Money payments and user transfers in My Wallet.
Pocket Money’s update now allows for one click payments, giving the user the ability to opt out of entering a password when making payments. WeChat payments are supported by a large number of industries in China and include Cab fare, Brick & Mortar stores, online merchants, WeChat listings, and vending machines. Simplifying the payment process down to a single click, while maybe not as secure as before, should encourage users to pay more often with WeChat's payment option.
My Wallet received 2 new features with the recent update. The first gives WeChat users the option to top off and fill their WeChat account directly from their bank account for making purchases. The other feature spins off the success of Tencent’s and WeChat’s campaign during the Chinese New Year, Luck Money, and gives users the option to transfer funds between themselves.
The update puts Mother Company Tencent and WeChat one step closer to prime rival Alibaba and its payment method AliPay. Alipay already offers money transferring and bank account integration
Recently, after the mass adoption of mobile payment services like WeChat and Alipay, China’s Central Bank announced its plans on limiting the amount that can be spent through mobile payment applications. With lower fees than in the past, and its convenience, mobile payment services pose a threat to traditional banking, not only in China but all over the globe.
SOURCE
Chinese mobile social messaging app WeChat received a recent update to its iOS app focusing primarily on streamlined Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term and money transfers.
The new update made improvements to WeChat’s My Bank Account feature improving Pocket Money payments and user transfers in My Wallet.
Pocket Money’s update now allows for one click payments, giving the user the ability to opt out of entering a password when making payments. WeChat payments are supported by a large number of industries in China and include Cab fare, Brick & Mortar stores, online merchants, WeChat listings, and vending machines. Simplifying the payment process down to a single click, while maybe not as secure as before, should encourage users to pay more often with WeChat's payment option.
My Wallet received 2 new features with the recent update. The first gives WeChat users the option to top off and fill their WeChat account directly from their bank account for making purchases. The other feature spins off the success of Tencent’s and WeChat’s campaign during the Chinese New Year, Luck Money, and gives users the option to transfer funds between themselves.
The update puts Mother Company Tencent and WeChat one step closer to prime rival Alibaba and its payment method AliPay. Alipay already offers money transferring and bank account integration
Recently, after the mass adoption of mobile payment services like WeChat and Alipay, China’s Central Bank announced its plans on limiting the amount that can be spent through mobile payment applications. With lower fees than in the past, and its convenience, mobile payment services pose a threat to traditional banking, not only in China but all over the globe.
SOURCE
