China leads the world in mobile payment. Mobile payment is being widely used in China with a penetration rate of 90%. WeChat has also introduced the payment function. As the largest social media and instant messaging app in China, WeChat has a huge user base with an increasing number of pay function users. We will teach you how to register a WeChat Pay account step by step.
What is WeChat Pay?
WeChat Pay is the built-in payment function in WeChat. In 2013, Tencent added WeChat Pay to WeChat, allowing users to connect to their bank account to make transactions through the WeChat Pay platform. Today, WeChat Pay has become an integral part of the life of Chinese people. Users can use WeChat Pay for various transactions, such as transferring money to friends (especially for sending “red pockets” during festive seasons), performing transactions on eCommerce websites, topping up cell phones, investing in wealth management funds, paying utility bills, ordering and paying for taxis, buying train or airline tickets, booking hotels, buying movie tickets and so on so forth.
With a penetration rate of more than 90% in China, WeChat Pay has revolutionized the lives of Chinese people and their spending patterns. As mobile payment has become so popular that it has replaced cash, many stores have simply refused to accept cash and only accept mobile payments. Life in China without WeChat Pay is like life without cash or credit cards. Opening a WeChat Pay account is basically the first step to open up the Chinese market.
How do I open a personal WeChat payment account?
Method 1: Applicable to people who have a China ID card, a real-name registered phone number in China, and a China bank account
Step 1: Download WeChat
Download the WeChat app from the App Store/ Play Store first.
Step 2: Authenticate yourself
Open the WeChat app, click “Me” -> “Payment” in the bottom right corner, click “…” in the top right corner to enter the payment management page. Then enter the payment management page, click “Real Name Authentication” -> “Authenticate Now”. On the Real Name Authentication page, select “Verify China ID Card” as the authentication method; enter your identity information, including name, ID card number, etc., then click “Next” to set the payment password to complete the authentication.
Step 3: Link the bank card
Click “Me” -> “Payment” “Wallet” -> “Bank Card” at the bottom right corner, add a bank card and enter the payment password to verify your identity. Enter your name and card number, and then fill in your cell phone number when you enter the page of “adding bank card”. After that, your mobile phone will receive the verification code, and a successful verification means you have successfully linked your bank card to your account.
Method 2: Applicable to people who do not have a Chinese phone no./ bank account
If you do not have a phone/bank account in China, you can download the Hong Kong version of WeChat to open a WeChat Pay account.
Step 1: Download WeChat
Download WeChat app from App Store/ Play Store. If you already have WeChat, you need to make sure you have upgraded to WeChat 6.7.2 or higher.
Step 2: Authenticate yourself
If you have not passed the authentication process, you will be restricted from using WeChat Pay service, and you will only have a lower transaction amount and will not be able to use FPS. There are three levels of authentication: “unauthenticated”, “primary” and “advanced”. For initial authentication, open the WeChat Pay application, click on “Me” -> “Pay” in the bottom right corner, click on “…” in the upper right corner, then click on “Payment Management”, and then click on “Payment Management”, then click on Identity Verification, upload your photo ID, and fill in your personal information to perform the initial verification. For advanced authentication, you will need asset information, passport/repatriation card information, and proof of address.
Step 3: Value-added WeChat Pay
WeChat Pay can be linked to VISA/ MasterCard/ UnionPay credit cards/ bank accounts in Hong Kong. Open the WeChat app, click “Me” -> “Pay” -> “Bank Card” in the bottom right corner, enter your credit card/bank account number and other information, then click “Next” to finish. A maximum of 10 credit cards and bank cards can be tied to one WeChat Pay account.
Besides adding bank cards, WeChat Pay also provides other value-adding methods.
- Cash reload: Cash can be added to WeChat Pay at 7-Eleven, Circle K and McDonald’s in Hong Kong.
- FPS: You can add value to WeChat Pay from any bank as long as you have FPS with them.
Step 4: Use WeChat Pay for transaction
After you link your bank card/set up your reloads, you can use WeChat Pay to make transactions at merchants and transfer money to friends.
How do overseas businesses apply for WeChat Pay?
WeChat Pay cannot be directly used as a service function in overseas service accounts. Applications are normally conducted by payment authorities or local financial institutions certified by Tencent (parent company of WeChat). These institutions will manage overseas transactions for you – payments from customer WeChat Pay accounts will be transferred to your overseas accounts. ChatStore is a partner of certified payment authority of Tencent, we can offer a simple solution to tackle overseas payment issues, contact us to know more.
We hope you find the above information helpful! ChatStore is a one-stop e-shop marketing service that helps businesses in Hong Kong, Taiwan and overseas to expand their WeChat online business. If you want to know more about how to create a WeChat account and manage your marketing plan on the platform, please contact us!
