WeChat Pay, Fen arrives: money transfer via phone numbers

23/10/2019

 

 

The functionality, which aligns the Tencent system with that of Alipay, is now available on iPhone devices

 

 

WeChat Pay, Tencent’s mobile payment app, will now be able to allow iPhone proprietary users to make money transfers based on phone numbers, ignoring the users’ previous requirement to add themselves as “friends” on WeChat, reportedly Wednesday 36Kr. However, Android users will still have to wait to use the feature.

The move represents the convergence of services between WeChat Pay and rival Alipay. In fact, since June 2012, Alipay has allowed its users to directly transfer money into its app, using only phone numbers.

 

WeChat Pay is also developing a payment product called Fenfu

 

But WeChat Pay is reaching Alipay also in other respects. Earlier this month, WeChat Pay launched a credit assessment service called WeChat Pay Fen. Like Zhima Credit on Alipay, WeChat Pay Fen provides favorable credit-based services such as battery bank rentals with revoked deposits to those who allowed it to collect personal data such as payment history.

WeChat Pay is also developing a payment product called Fenfu that works like a credit card, just like Alipay’s Huabei. The product is expected to be launched this quarter, according to local Chinese media Xinliu Caijing.

 

WeChatPay continues its distance struggle with Alipay

 

WeChat Pay could count on over 80 million active users at the end of June 2018, according to its official website. Ant Financial’s president and CEO, Eric Jing, said last month that Alipay and its international e-wallet partners have collectively served 1.2 billion users worldwide by the end of June 2019.

 

 

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