Chinese mobile social messaging app WeChat received a recent update to its iOS app focusing primarily on streamlined payments 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.
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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.