+ What is WeChat Pay?
WeChat Pay is an e-wallet or virtual wallet included directly in WeChat app. It was officially launched in 2013 and became WeChat's own payment service. Despite being launched several years after its main competitor (Alipay), the app has managed to become a strong leader in the Chinese mobile payment market.
WeChat Pay has quickly gained popularity in overseas markets as well. In 2017, 100 million accounts were opened abroad. By 2019, WeChat Pay users have reached 1 billion people, making it the world's leading mobile payment platform.
+ How does WeChat Pay work in-store?
To pay via WeChat Pay in physical stores, either the client scans the QR code of the merchant or the opposite. Once the transaction is confirmed, WeChat Pay informs the two parties.
+ Why is WeChat Pay convenient for the user?
WeChat Pay is the preferred payment method of Chinese consumers with more than one billion users. It is a part of WeChat, the super app where Chinese spend the most time. They can find in WeChat all the useful features for their daily lives including their e-wallet and mini-programs.
Users can use WeChat Pay to shop in physical stores or online with a simple QR code scan. They can use it to buy train tickets, pay for medical consultations, pay rent and all types of bills. Even the smallest street vendors accept WeChat Pay.
In China, you can securely pay for everything with WeChat Pay with no limit.
+ What are WeChat Pay advantages for sellers?
WeChat Pay is now the platform with the largest number of subscribers in the world.
- Accepting WeChat Pay on your store allows you to get rid of currency conversion hassles. Foe example, if you choose the euro as your currency, you will receive the amount of the transaction in euros. Rates are also very favourable for merchants.
- By accepting WeChat Pay, you make it easier for Chinese customers to spend on your store. They will not be limited by caps in their WeChat Pay e-wallet.
- Accepting WeChat Pay means taking advantage of WeChat Pay's special promotions to grow your business!
+ Who can accept WeChat Pay?
Any company, association or entrepreneur can accept Alipay to make the purchase process easier for their Chinese customers, except for certain high risk sectors. For more information on whether your business is qualified or not, please contact our team.
+ In which countries can merchants accept WeChat Pay?
WeChat Pay can be accepted in 252 countries around the world (Europe, US, Asia, Australia etc.). If you want to know if your business can open an account, please contact our team.
+ Does the seller need a WeChat Pay account for each country?
No. With Silkpay, you open a single WeChat Pay account that allows you to accept payments from your customers in any country covered by our services.
+ Does Silkpay have a PrestaShop account for WeChat Pay?
Yes, Silkpay has launched a free PrestaShop plugin that allows merchants to accept WeChat Pay as well as Alipay, China UnionPay, Visa and Mastercard payments in your e-commerce and decrease cart abandonment.
+ How to open a WeChat Pay account?
You can automatically create a Silkpay business account through our online process to start accepting payments.
+ How long does it take to open an account?
After checking your documents, it will take from 2 to 7 business days to open an account for WeChat Pay. In case of emergency, it is possible to complete the opening in 48 hours.
+ What is WeChat Pay pricing?
Merchants pay a commission rate per transaction on successful transactions only. For more information on Alipay pricing, contact our team.
+ Does the seller need a Chinese bank account to accept WeChat Pay?
No. No Chinese bank account is required. All payments via WeChat Pay will be cashed into your company's bank account.
+ If the client pays with RMB, in which currency does the seller receive the money?
You will receive the transaction’s amount in a currency that you choose when opening your WeChat Pay account (EUR - USD - GBP - CHF - SEK). The transaction is settled in the currency of your choice. The change or cost associated with the exchange rate has no impact on the seller.