WeChat starts payment service with merchants
WeChat has launched a payment service that allows merchants to accept customers’ money via Tenpay, the third-party payment tool run by Tencent Holdings Ltd.
The new function was officially launched this week after tests among vendors across 20 industries from banking to dining and tourism to e-commerce, a company statement sent to China Daily said.
This marks the latest attempt by Tencent to integrate online and offline resources and make inroads into an area long dominated by e-commerce giant Alibaba Group Holding Ltd.
To activate WeChat’s payment services on public accounts, merchants have to pay $3,266 as a deposit. Tencent charges 0.6 percent of generated revenues as a commission.
WeChat declined to estimate how many corporate clients have signed up for the service.