WeChat, the largest social communication platform in China developed by Tencent, announced today its launch of payment features in Malaysia called WeChat Pay MY, an innovative 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 (RM) 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
- In a hurry? WeChat Pay MY’s “Quick Pay” is 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 enjoy the convenience of mobile payment whenever and wherever they go, without the hassle of carrying a physical debit card or cash with them. To enjoy the services on WeChat Pay MY, 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
- Through a social payment function called ‘Money Packet’, WeChat Pay MY users can make payments or transfer money instantly without any charges. The Money Packet feature also offers users a way to express good wishes among friend via its P2P (peer-to-peer) transaction with the WeChat social network. There are two types of Money Packets including Individual Money Packet and Group Money Packet.
- In conjunction with today’s launch, Money Packets of a random amount ranging from RM3.88 to RM88.88 and a prepaid top-up coupon2 of RM2 will be given away to all users of WeChat Pay MY beginning from 21 August until 28 August 2018.
- Prepaid Top-Up – Need more data? WeChat Pay MY now enables its users to top up their mobile prepaid cards with nine Malaysian telco carriers including Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, Tune Talk, U Mobile and XOX.
- Bus and Airline Ticket Purchase – Without leaving the WeChat app, WeChat Pay MY users can plan their trips by purchasing 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 – WeChat Pay MY 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. This innovative payment solution does not only make users daily lives easier and simpler, but also enables merchants to engage with their customers to create strong loyalty via the WeChat ecosystem,” said Poshu Yeung, Vice President of Tencent International Business Group.
“To celebrate the launch of WeChat Pay MY, Money Packets will be given away to WeChat Pay My users, offering them an experience to enjoy the unique feature. Users can either spend it or share it with friends as a way of expressing good wishes. Moving forward, we will continue to work closely with local regulators and merchants to introduce different payment features and scenarios for both online and offline transactions in Malaysia, which is also aligned with Bank Negara Malaysia (BNM)’s move towards a cashless society,” he added.
As an electronic money issuer approved by BNM, WeChat Pay MY is now fully available to all users in Malaysia, aiming at delivering a simple, secure and convenient mobile payment experience for users through a widening variety of mobile payment scenarios. 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 6-digit payment password for authorization before payment. All user-related information is stored locally in compliance with Payment Card Industry Data Security Standard (PCIDSS).
For more information, users can follow our WeChat Official Account (WeChat Pay MY) or WeChat Pay MY’s Official Facebook page (https://www.facebook.com/WeChatPayMY.official).