WeChat Pay is here in Singapore.
What does that means for merchants?
First off, just like how Master Card, Visa and Nets has become a part of our life. Alipay and WeChatPay is a major part of Chinese consumer lifestyle.
With WeChatPay, this simply means Chinese consumers can pay more conveniently. How does this impact my business one may ask.
The impact is huge.
Can you imagine life without Nets, Visa and Master? Or how about imagine everything can be paid simply by using your mobile phone? Easier payment means easier spending. Therefore, payment gateway such as WeChatPay for retail business offer more than just being a payment gateway. It drives consumer as a social tool, it facilitate buying for consumers and it helps to generate repurchase via WeChat too!
More Savings for Merchant
With lower transaction fees it also means merchants get to save more and earn more in the process. Starting from 1.9% transaction fee and down to as low as 1.3% depending on transaction volumes, some merchants may even save up to 1% off transaction fees. Now, isn’t that incredible?