News
05/07/2018
Goodbye to credit cards and Whatsapp, hello WeChat
What is WeChat? Whatsapp, Facebook, Uber, Tinder, and Skype that appeals to Chinese. Its biggest novelty was the WeChat Pay appearance, through which payments can be made through the mobile.
Going to McDonald's in one of Madrid, New York or another part of the world is a similar experience: ask for a menu, pay and eat. In China, it's so ... but different. Beyond non-flavors, the payment method is completely different. In Spain - and in the western world - there are two clear payment methods: with cash or with a card. In the Asian giant, however, almost nobody uses plastic
How do they pay then? Mobile, of course. But no stickers like NFC or back stickers, the most widely used tool is WeChat Pay. By means of this application, if you enter credit card data, any amount may be charged or paid.
WeChat is included in Tencent. This giant Chinese technologist has already surpassed Facebook in capitalization with a value of $ 500,000 million. WhatsApp, Facebook, Uber, Tinder and Skype are Chinese, in a single app.
Options
WeChat is used to send both instant messages, opinions to the wall, or share photos. It also allows taxis to take over with Didire (Chinese Uber) and create a league site similar to Tinderra.
Apart from these options, WeChat's revolution was the result of the WeChat Pay disclosure, which is responsible for the possibility of paying through mobile phones.
This unknown Chinese company in the West is a direct competitor of the technology giants of Silicon Valley. "It has undoubtedly become one of the great Tencent, and one of its priorities is the extinction of China, although it has not been so far. I do not think, however, that he will continue to follow the same business model that he initially succeeded, because it is linked to the special Chinese state. But I think that it will develop other strategies and take advantage of the technological strengths of other markets, "says Fernando Cuenca, director of technology revitalizing Minsait by Indra.
Juan López, director of investment in Kibo Ventures, agrees with: "Tencent is in a very large market, Chinese, allowing it to move to other markets with great power."
Operation
Payment procedure is very simple. When you go to a restaurant for lunch, you get your mobile and charge a QR with a reader for a second, without charge. In this way, it is not a question of trying to lose the last few cents or look for all the necessary cards.
These advances will soon be very common in Spain. "Banks, startup fintech and Apple Pay, Samsung Pay and Android Pay great technologies are trying to develop solutions to make custom payments through mobile users," says Víctor Arzak, product director at Ironhack.
The success of this application in China is not only because it can be paid at fast food restaurants. The trust of the users in this system has led to the transfer of any kind of transaction mode, from the transfer of friendships to multiple purchases. According to the statistics, 469 million people made purchases through their mobile phones in 2016 only in China.
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