Wechat’s digital payment feature – Wechat Pay has changed the way users make payment where it becomes a cashless solution for both eCommerce & offline payments. Thus far, other than a Chinese RMB as China local currency, Malaysia has the privilege to obtain MYR local currency as well. This means that a Malaysian can make transactions locally using MYR.
In other countries where there is no local currency, they can only use RMB to conduct transactions which is unfavorable if they can’t accept RMB. There is more than 190% incremental transaction Month-on-month in malaysia since July 2018 whereby MTD local wallet volume surpassed MYR150,000 while cross border volume surpassed MYR400,000.
Some benefits in using WeChat pay are,
• No Integration in the beginning phase
Easy installation to cashier counters in order to conduct transaction.
• No Manual Settlement
Daily settlement will be performed automatically.
Receive payment in your company bank account within three (3)
Bank working days.
• Daily Merchant Statement
Transactions will be reflected in your daily Merchant Statement.