What do WeChat, Facebook, Instagram, Twitter, Snapchat or even Pinterest have in common, if not to be social networks. All have launched themselves, with varying degrees of success, into mobile payment. Social networks are not the only ones wanting to get into mobile payment. Banks, smartphone manufacturers, Google and other pure players are currently in a race for mobile payment. Who will stand out in a country, for the moment, not very inclined to this new method of payment?
The dazzling success of WeChat Pay in China
China is a mobile payment success story. The market is mainly dominated by Alipay (Alibaba) and WeChat Pay (Tencent). If the Alipay mobile payment method comes directly from an e-commerce platform, WeChat Pay comes from an instant messaging application. Colombia WhatsApp Number List Although Alipay is the forerunner and is legitimate as a major player in e-commerce, WeChat has managed to establish itself quickly. ! The success of WeChat Pay is due in particular to a genius idea.
In China, it is customary to give loved ones red envelopes containing money on the occasion of Chinese New Year. During the 2014 New Year’s Gala, virtual red envelopes were to guests through the WeChat Pay payment service. This fanfare launch will have allowed WeChat to present its mobile payment platform. As a result, 1.2 billion red envelopes will have been sent at the end of this New Year. This year, 46 billion red envelopes have been exchanged.
Mobile payment at the heart of the social media strategy
WeChat is originally a mobile instant messaging application. From now on, the application is a real digital Swiss army knife. It is as much a social network as an e-commerce and mobile payment platform. You can talk with your friends as well as meet strangers from all over the world by simply shaking your phone. But it goes beyond the social aspect. You can book a taxi or plane tickets, order a pizza, reimburse a friend, pay bills, play games, pay in a store, make an appointment with the doctor, reserve a table in a restaurant. And the list is long. This is where we realize the delay of Facebook compared to its Chinese counterpart, especially in terms of mobile payment. However, this delay is especially visible in Europe.