WECHAT, the largest social communication platform in China developed by Tencent, announced its launch of payment features in Malaysia called WeChat Pay MY, a mobile payment solution aimed at delivering local consumers a simple, secure and convenient mobile payment experience in a range of payment scenarios.
The full integration of WeChat Pay MY with WeChat’s ecosystem will enable local businesses to engage with customers throughout their shopping journey.
WeChat Pay MY enables users to make payment and transfer money in Malaysian Ringgit within the WeChat app – across a variety of daily online and offline payment needs, from transferring money to individuals to paying merchants such as telecom carriers, airline and bus ticket providers, restaurants, supermarkets, chain stores and more.
With multiple layers of security protection for both users and merchants, some of WeChat Pay MY’s key features include:
Quick pay - Designed to complete transactions, quick and easy. It is as simple as showing the QR code for the merchant to scan and enter the payment pin to complete the transaction. KK Super Mart is the first chain store in Malaysia to accept WeChat Pay MY.
Debit card binding - Users can choose to top up their wallet balance by binding their Mastercard or Visa debit card(s) issued by banks in Malaysia. Each WeChat account can be bound to more than one debit card while the same debit card can only be bound to one WeChat account.
Money packet - Users can make payments or transfer money instantly without any charges. In conjunction with the launch, Money Packets of a random amount ranging from RM3.88 to RM88.88 and a prepaid top-up coupon of RM2 will be given away to all users of WeChat Pay MY until Aug 28, 2018.
Prepaid top-up – Enables its users to top up their mobile prepaid cards with nine Malaysian telco carriers namely, Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, Tune Talk, U Mobile and XOX.
Bus and airline ticket purchase – Users can purchase bus and airline tickets, and even have the option of select their seats through a third-party bus and airline ticket service provider.
Wallet balance withdrawal – Users can withdraw the amount of money stored in their WeChat Pay MY accounts at any time to their own bank accounts in Malaysia. The withdrawal limit is set at RM10,000 per calendar month.
“As Malaysia embraces the digital economy, we are excited to launch WeChat Pay MY, which aims at facilitating the development of the Malaysian market by introducing local users and businesses with a simple, secure and convenient mobile payment experience.
“We are also pleased to announce that KK Super Mart is the first chain store in Malaysia to accept WeChat Pay MY,” said Tencent International Business Group vice president Poshu Yeung.
With security technologies that comply with international standards, WeChat Pay MY carries out a 24/7 real-time monitoring on all of the transactions made through its transaction monitoring system.
Users must by default enter a six-digit payment password for authorisation before payment. All user-related information is stored locally in compliance with Payment Card Industry Data Security Standard (PCIDSS).