Popular messaging app is growing very quickly
WeChat, one of China’s most popular messaging applications, is becoming a major player in the mobile payments space. The app accounts for 697 million active monthly users, 200 million of whom began to use the service last year. This gives WeChat access to an abundance of people that may be interested in mobile commerce. The concept of being able to shop, purchase products, and send money to friends and family from a mobile device has become very popular in China and WeChat intends to take advantage of this.
WeChat is beginning to evolve, becoming more than a simple chat app
The application has become much more than a simple messaging platform. It now boasts of a social timeline, allowing friends to stay abreast of the activities of one another. WeChat also features games that users can play on their mobile devices, as well as branded accounts from retailers. Funds can also be transferred between WeChat users through the WeChatPay service. This service is relatively new, but those testing the service have issued praise and feedback on how the service’s features can be improved, something that WeChat is beginning to focus more heavily on.
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App registers 200 million new users following new year campaign
Last year, 200 million people signed up for WeChat and attached their payment cards to this service. This followed a campaign that leveraged the popularity of one of China’s oldest new year traditions. The tradition involves sending red envelopes with money in them to others. WeChat introduced a digital version of these red envelopes, allowing its users to send the envelopes through the WeChat network. Some 300 million people did so during the Lunar New Year, highlighting the massive volume that a simple mobile payments feature can achieve.
WeChat slated to see more aggressive growth in 2016
WeChat is poised to see more success in China in the coming months. The service’s popularity is growing rapidly, especially as more consumers become involved in mobile commerce. China is considered one of the fastest growing mobile commerce markets in the world, giving WeChat ample room to expand and provide consumers with new services that are in high demand.