WeChat to charge for digital transfers to bank accounts
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.