China’s leading tech company, Tencent, has done away with the need for banknotes altogether with its innovative payment product, WeChat Pay. It’s now possible to go cashless in entire China and people don’t use cash or credit cards, which was completely replaced by mobile payments. WeChat pay can simply be used to pay for everything.
Setting up a WeChat pay account is essential for any foreign brand expanding its business to China. Offering your Chinese customers a payment method that is local, reliable, and credible will build trust with them and improve your chances of success.
Ready to join the 900 million WeChat pay users? This article will tell you everything you need to know about setting up your account.
WeChat Pay in a nutshell
WeChat Payment is a digital wallet feature available on the WeChat app, created for both individual uses and business encounters. It offers various payment options to suit consumers’ needs, such as Quick Pay, and QR Pay. Using WeChat official accounts in conjunction with the WeChat Pay service provides an efficient payment experience for consumers and powerful mobile solutions for businesses.
Individual WeChat Pay accounts are for transactions between individuals only, and cannot be linked to a business account. Conversely, WeChat Pay accounts for businesses to settle payments into a company’s bank account. An example of how you can use a business payment account is by integrating it with your website, app, or WeChat stores.
WeChat Pay Payment methods
In-App and Web-based Payments
As a popular payment method in China, WeChat Pay is recommended for merchants with large numbers of Chinese users. Merchants who integrate WeChat Pay into their app can enable transactions with just a few clicks. With an open SDK integrated into the mobile app, merchant transactions are completed through the WeChat Pay module.
This payment method will be applied:
- When the customer enters the Vendor’s official account and pays on the transaction page
- If the customer’s friend shares the merchant’s paying URL in the messages or on Moments, and then he/she clicks it to finish paying.
- The customer scans the QR Code shown on the merchant’s page via a browser to finish the purchase.
Official Accounts Payment
Official Accounts let merchants communicate with users on WeChat. If a merchant enables the payment feature, their customers can use the Official Account to pay for products and services.
An Official Account lets you see and manage your fans. You can use it to promote your brand or service, which will hopefully encourage users to shop with you, either online or in person.
Mini Programs Payment
Customers can purchase items or services through Mini Programs located inside WeChat. These programs work best in digitizing users who shop offline and redirecting them to online retailers. By breaking down location barriers, customers are encouraged to make more frequent purchases.
To pay in a merchant’s Mini Program, WeChat users open the program, select what they would like to order, put in their payment password, and are brought back to the merchant’s Mini Program upon completion.
After a user scans an individual QR code that a merchant generated for payment, the security checks are passed and the amount is confirmed to make the payment.
This product is intended for businesses that do not have access to code scanners or other traditional methods of collecting money. It can be used in stores for websites or social media advertising.
How to set up a WeChat pay account for businesses?
1- If your company is registered outside China except for the UK and Hong Kong, you will be asked to manage your WeChat pay account at domestic financial institutions.
First, go to the official WeChat pay website on your browser.
From there click on the ‘join us’ button, it will take you to your country selection page.
You will end up with the page asking for your solution. Click the ‘I am a merchant’ option and select ‘next’. And from there you will be asked about your country.
Enter your country name and you will end up with the contact list of your local institution for the WeChat pay application. Simple as that.
So the process will start as soon as you apply to one of the local institutions that are provided for you. As you come to terms and agree with the institution, then you will be able to use WeChat Pay through the domestic institutions’ support services.
2- If your company is registered in the UK or Hong Kong you have the chance to connect with WeChat Pay without the need for an institution.
You will be asked to send the papers required for your application using the Merchants’ online Platform. Then you will sign the agreement form.
As soon as your application is admitted, your account will be configured. Some general information regarding your business will be necessary; official company licenses, home country, address, representation, and contact information.
The business category must follow all the general rules and WeChat Pay necessities.
We can assist you with the WeChat Pay setup!
Do you need help setting up your WeChat Pay account? We can help you configure your account to start receiving and making payments. Our experienced support team will guide you through the setup process and answer any questions you may have along the way. With WeChat Pay, your business will upgrade in China.
Our WeChat services include:
And more. Get started today and take advantage of all that WeChat Pay has to offer.