WeChat Pay was started in 2016. Users had to pay a fee during the early years when sending, receiving, and withdrawing funds. However, the company stopped charging money transfer functions within the same year. Notably, fees for withdrawal amounts that are less than 1000 Yuan were also waived. Any withdrawals above the 1000-Yuan limit attracted a charge of 0.1 percent of the payment.
By 2019, WeChat Pay had more than 800 million active users, more than 35% of the market share. WeChat Company also introduced WeChat Pay HK, which offered services in Hong Kong. By the end of 2019, WeChat Pay was available to users in over 25 countries spread across the world, including the UK, South Africa, and Italy. Currently, WeChat Pay remains most popular in China.
WeChat Pay offers four payment options. The first one is Quick Pay, which requires the recipient to scan a QR code. The second is QR code payments, in which the users have to scan the QR codes created by vendors. The third option is in-app web-based payment.
For this, vendors have to send product messages to users via their official accounts, allowing users to buy the products on the shopping page. The last option is the In-App payment. For that, vendors have to integrate WeChat Pay SDK into their WeChat apps.