How to use WeChat Pay to transform your business in Singapore
When it comes to mobile payments, WeChat Pay is a well-known name in China. But did you know that this payment platform has also made its way to Singapore? That's right, WeChat Pay is now available for use, allowing Singaporeans to make cashless payments quickly and easily. In this article, we'll explore what WeChat Pay is, how it works, its features and benefits, and how you can start using it in Singapore today.
What is WeChat Pay?
WeChat Pay is an electronic wallet that allows users to make payments through their mobile phones. Backed by the tech giant Tencent, WeChat Pay is one of the most widely used social media apps in China and other parts of the world. It is integrated with the WeChat app, which is available for download on both Android and iOS devices.
How does WeChat Pay work?
To use WeChat Pay, you need to have a WeChat account with a linked bank account or credit and debit card. If you’re choosing to link a bank account to your WeChat Pay wallet, it will need to be a China mainland bank account. Otherwise, you can link your Visa, Mastercard or JCB credit card to your WeChat wallet. Once you have linked your account, you can easily make payments at participating merchants by scanning their WeChat QR codes. However, only a WeChat Pay wallet that is linked to a China Mainland bank account can be used to transfer money to other WeChat users.
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Features and benefits of WeChat Pay
WeChat Pay has several features that make it a popular choice among Singaporeans. Here are some of the benefits of using WeChat Pay:
Free to use
Convenient cashless mobile payment
Advanced security encryption for financial information and personal data
Wide acceptance at a growing number of merchants in Singapore, including restaurants, supermarkets and retail stores, including Cold Storage, 7-Eleven and more
Easy P2P (Peer-to-Peer) transaction for splitting bills or sending money to friends and family (only available if WeChat wallet is linked to a Mainland China bank account)
Is WeChat Pay safe?
WeChat Pay is a payment platform that encrypts your personal information, financial details, and monetary transactions to keep them secure and confidential. However, there is limited information available on the protocols WeChat Pay implements. As a user, it's important to take additional measures to protect yourself. For example, it's recommended that you only open the QR code right before making a payment at the merchant when you're outside. Reports have been made where WeChat QR codes were scanned by someone behind the user, stealing money without the user's knowledge. By being cautious and vigilant, you can ensure that your WeChat Pay transactions are safe and secure.
How to use WeChat Pay in Singapore
Image from The Straits Times
If you’re thinking about how to activate WeChat Pay in Singapore, follow these simple steps:
Download the WeChat app on your mobile phone and log in or create an account.
Set up WeChat Pay from your profile under the “Me” tab, then select “Services”.
Enter your card information to link your China bank account or international bank card to your WeChat account.
Tick the checkbox to agree to the User Agreement and tap on “Next”.
Set a payment pin for your WeChat Wallet.
The process is now complete. While some have managed to set up WeChat Pay, many have encountered unsuccessful attempts with a prompt that says “system busy”. It is possible that it may not work for everyone, even though the Beijing Government website says that you should be able to link your debit or credit card outside of China. Nonetheless, you can always opt for the WeChat Pay alternative: SleekFlow Payment Link to complete in-chat transactions.
You will need to complete ID verification before you can start using your WeChat Pay wallet. Tap on the menu button (3 horizontal dots) in the top right corner, then go to “Payment Management” > “Identity Verification”, and upload a photo of your passport.
How to top up WeChat Wallet in Singapore
You can easily top up your WeChat Wallet in Singapore using your debit or credit card. All you have to do is to follow the steps below:
Open the WeChat app and tap on “Me” at the bottom right corner.
Choose “Services” and agree to the terms and conditions of use.
Select “Balance” > “Top Up”.
Enter the amount you want to top up for your WeChat Wallet and tap on “Next”.
Enter the pin for your WeChat Wallet.
Keep in mind that the bank card used for ID verification is not the same as the bank card you use to top up your WeChat Wallet. It will ask for your bank card details again when you try to top up your WeChat Wallet.
How to pay with WeChat in Singapore
There are quick and easy ways to pay with WeChat in Singapore:
Quick Pay: a WeChat Pay QR code will be generated on your phone and the merchant can scan to collect payment
Scan: you can scan the WeChat Pay QR code provided by the merchant to make a payment, similar to other QR payment services, such as GrabPay, DBS PayLah, Apple Pay, and more
How to send money via WeChat
There is a feature called Money Packets (‘Ang Pao’) on WeChat Pay. You can receive or send money via WeChat to other WeChat users using this feature.
Go to the private chat room with the friend you want to send money to.
Tap on the “+” sign at the bottom right corner and tap on “Money Packet”.
Enter the amount and type in your customised message.
Best WeChat Pay alternative: SleekFlow Payment Link with WeChat Stripe integration
While WeChat Pay is a widely accepted mobile payment service in Singapore, its verification and setup can be tedious and troublesome, especially if you do not have a China bank account. For those looking for an alternative, SleekFlow Payment Link offers a great option with its WeChat Stripe integration.
Here are some key benefits of the WeChat Stripe integration available via the SleekFlow Payment Link:
Secure: PCI Service Provider Level 1 certification
Flexible: customers can use Visa/Master credit cards, Google Pay and Apple Pay
Seamless: the one-click checkout can be included in the automation flow
Convenient: customers do not have to key in bank details again for repeat purchases
Global outreach: available for international customers
Tracking: analytics to track revenue and cash flow
Low transaction cost compared to other providers
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