#WECHAT PAY USA AVAILABILITY VERIFICATION#
For non-Chinese users of WeChat Pay, an additional identity verification process of providing a photo of a valid ID as well as oneself is required before certain functions of WeChat Pay become available. Users can acquire a balance by linking their WeChat account to their debit cards, or by receiving money from other users. The settlement time depends on the payment method chosen by the customer.Īll WeChat users have their own WeChat Payment accounts.
Īlthough users receive immediate notification of the transaction, the WeChat Pay system is not an instant payment instrument, because the funds transfer between counterparts is not immediate.
#WECHAT PAY USA AVAILABILITY CODE#
Now, WeChat Pay has six different payment products: Quick Payment, QR Code Payment, Mini Program Payment, Official Account Payment, In-APP Payment, and Web Payment. WeChat Pay ( 微信支付) is a digital wallet service incorporated into WeChat, which allows users to perform mobile payments and send money between contacts. Users can link their Chinese bank accounts to enable seamless transactions through the Visa, MasterCard and JCB. These services are offered by verified third-party entities called "official accounts," which create mini-programs or "apps within the app" to provide specific functionalities. Users who have provided their bank account information can utilize the app for various financial transactions such as paying bills, making purchases, transferring money to other users, and even conducting in-store payments if the stores support WeChat payment. WeChat Pay reached 900 million users in 2021. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Alibaba company founder Jack Ma considered the red envelope feature to be a " Pearl Harbor moment", as it began to erode Alipay's historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. WeChat Pay's main competitor in China and the market leader in online payments is Alibaba Group's Alipay. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay ( Chinese: 微信支付 pinyin: Wēixìn Zhīfù), officially referred to as Weixin Pay in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. Mobile payment service in China Weixin Pay
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