WeChat to charge for dig­i­tal trans­fers to bank ac­counts

China Daily (Canada) - - NEWS CAPSULE -

WeChat, a Ten­cent-backed pop­u­lar mes­sag­ing ap­pli­ca­tion that boasts half a bil­lion users, will start to charge in­di­vid­ual users to trans­fer money from the app’s dig­i­tal wal­let ser­vice to their per­sonal bank ac­counts.

WeChat said that it will charge a fee of 0.1 per­cent for each trans­fer from its dig­i­tal wal­let ser­vice called WeChat Wal­let to users’ per­sonal bank ac­counts start­ing on March 1. The min­i­mum charge for each trans­fer is 0.1 yuan.

WeChat said the new move isn’t meant to make prof­its but to cover the charges banks im­pose on trans­ac­tions.

The move is ex­pected to help en­cour­age WeChat users to use the dig­i­tal wal­let ser­vice to pay on­line and off­line rather than trans­fer­ring money to their bank ac­counts.

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