Messaging app WeChat is becoming a mobile payment giant in China
WeChat, China’s smash hit messaging app, has long been a bellwether for the future of mobile messaging. It was first to popularize putting brands in chat and integrating third-party services, two trends Facebook-owned WhatsApp and Messenger and others are jumping on, and it looks like payment is the next major focus.
Tencent, the company behind WeChat (known as Weixin in China), just announced impressive end of year financials (PDF) that included its highest quarterly revenue growth for three years. Among the other items disclosed, WeChat is now up to 697 million active users worldwide each month having added close to 200 million to that figure over the past year.
Beyond text messaging, voice and video calling, the service includes a social network timeline, branded accounts, shopping, games and more. Payment is another area and over the past year, Tencent has put considerable focus into its China-based service, WeChatPay, which can be used to transfer money between WeChat…
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