Social messaging app, WeChat recently introduced a digital wallet service in Johannesburg, South Africa.
With WeChat Wallet, users can securely store bank cards and make instant cash payments just as they would with a physical wallet. The new service also enables users to electronically send cash to friends or family.
In addition, WeChat Wallet also offers the use of three chip, PIN debit and credit cards and the capability to transact via cards verified by Visa and MasterCard.
WeChat, which is owned by Chinese juggernaut, Tencent has partnered with Standard Bank for the launch of WeChat Wallet.
When registering for the digital wallet, users automatically become Standard Bank Instant Money users, which makes it possible for those without bank accounts to use the service. Accountholders at other banks are also able to access WeChat Wallet.
Brett Loubser, Head of WeChat Africa told IT News Africa, “The service is another way WeChat is merging the online and offline worlds, providing people with seamless payment integration in a single application. Now they won’t be inconvenienced if they forget their purses or money at home because everything they need is at their fingertips.”
WeChat Wallet is available to South Africans who are sixteen or older with a Valid ID who use iOS or Android phones. To register for the digital wallet service, all they have to do is log into WeChat, tap “wallet” then follow the step-by-step instructions.
To use the digital wallet service for in-store payments, customers simply need to scan the QR code located in stores that support this mobile payment platform and then enter the amount of their purchase into their phone. Users can even “cash in” and “cash out” via Instant Money vouchers at Standard Bank ATMs and other participating retailers.
According to Tencent, more than 200 million customers globally have added their bank cards to the mobile payment platform in November 2015.
– Jordan Connell