Tencent Enhances WeChat’s Payment Features by Launching “WeChat Pay MY” in Malaysia

August, 21/2018 - 02:48
Tencent Enhances WeChat’s Payment Features by Launching “WeChat Pay MY” in Malaysia

"MoneyPackets" with values of up to RM88.88 to be given away to users in Malaysia tocelebrate the launch.

 

KUALA LUMPUR,MALAYSIA - MediaOutReach - 21August 2018 - WeChat, the largest social communication platform in China developed byTencent, announced today itslaunch of payment features in Malaysia called WeChat Pay MY, an innovative mobilepayment solution aimed at delivering local consumers a simple, secure andconvenient mobile payment experience in a range of payment scenarios. The fullintegration of WeChat Pay MY with WeChat's ecosystem will enable localbusinesses to engage with customers throughout their shopping journey.


WeChat Pay MY enablesusers to make payment and transfer money in Malaysian Ringgit (RM) within theWeChat app -- across a variety of daily online and offline payment needs, from transferringmoney to individuals to paying merchants such as telecom carriers, airline andbus ticket providers, restaurants, supermarkets, chain stores and more.


With multiplelayers of security protection for both users and merchants, some of WeChat PayMY's key features include:


  • Quick Pay

o  Ina hurry? WeChat Pay MY's "Quick Pay" is designed to complete transactions, quickand easy. It is as simple as showing the QR code for the merchant to scan andenter the payment pin to complete the transaction.KK Super Mart is the first chain storein Malaysia to accept WeChat Pay MY.

 

  • Debit Card Binding

o  Userscan enjoy the convenience of mobile payment whenever and wherever they go,without the hassle of carrying a physical debit card or cash with them. Toenjoy the services on WeChat Pay MY, users can choose to top up their walletbalance by binding their Mastercard or Visa debit card(s) issued by banks inMalaysia. Each WeChat account can be bound to more than one debit card whilethe same debit card can only be bound to one WeChat account.

 

  • Money Packet

o  Througha social payment function called 'Money Packet', WeChat Pay MY users can makepayments or transfer money instantly without any charges. The Money Packetfeature also offers users a way to express good wishes among friend via its P2P(peer-to-peer) transaction with the WeChat social network. There are two typesof Money Packets including Individual Money Packet and Group Money Packet[1].

 

o  Inconjunction with today's launch, Money Packets[2] of a random amount rangingfrom RM3.88 to RM88.88 and a prepaid top-up coupon2 of RM2 will begiven away to all users of WeChat Pay MY beginning from 21 August until 28August 2018.

 

  • Prepaid Top-Up -- Need more data? WeChat Pay MY now enablesits users to top up their mobile prepaid cards with nine Malaysian telcocarriers including Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, TuneTalk, U Mobile and XOX.

 

  • Bus and Airline Ticket Purchase -- Without leaving the WeChat app, WeChatPay MY users can plan their trips by purchasing bus and airline tickets, andeven have the option of select their seats through a third-party bus and airlineticket service provider.

 

  • Wallet Balance Withdrawal -- WeChat Pay MY users can withdraw theamount of money stored in their WeChat Pay MY accounts at any time to their ownbank accounts in Malaysia. The withdrawal limit is set at RM10,000[3] per calendar month.

 

"As Malaysiaembraces the digital economy, we are excited to launch WeChat Pay MY, which aimsat facilitating the development of the Malaysian market by introducing localusers and businesses with a simple, secure and convenient mobile payment experience.We are also pleased to announce that KK Super Mart is the first chain store inMalaysia to accept WeChat Pay MY. This innovative payment solution does notonly make users daily lives easier and simpler, but also enables merchants toengage with their customers to create strong loyalty via the WeChat ecosystem,"said Poshu Yeung, Vice President of Tencent International Business Group.


"To celebratethe launch of WeChat Pay MY, Money Packets will be given away to WeChat Pay My users,offering them an experience to enjoy the unique feature.  Users can either spend it or share it with friendsas a way of expressing good wishes. Moving forward, we will continue to workclosely with local regulators and merchants to introduce different paymentfeatures and scenarios for both online and offline transactions in Malaysia,which is also aligned with Bank Negara Malaysia (BNM)'s move towards a cashlesssociety," he added.


Steps to claim 'Money Packet':

Access WeChat Pay MY's promotion landing page through the QR code of the promotion

Click "Open Now" on the promotion landing page

Click "Claim Now" on the same landing page to receive a prepaid top-up coupon

 

As an electronicmoney issuer approved by BNM, WeChat Pay MY is now fully available to all usersin Malaysia, aiming at delivering a simple, secure and convenient mobile paymentexperience for users through a widening variety of mobile payment scenarios.With security technologies that comply with international standards, WeChat PayMY carries out a 24/7 real-time monitoring on all of the transactions madethrough its transaction monitoring system. Users must by default enter a6-digit payment password for authorization before payment. All user-relatedinformation is stored locally in compliance with Payment Card Industry DataSecurity Standard (PCIDSS).


For moreinformation, users can follow our WeChat Official Account (WeChat Pay MY) or WeChat Pay MY's Official Facebookpage (https://www.facebook.com/WeChatPayMY.official).

 

AboutWeChat

WeChat envisionsand innovates new ways for people to connect, communicate and share. WeChat isa mobile social communication app designed for smart phone users. WeChatempowers users in fun and dynamic ways, by bringing together messaging, socialcommunication and games in one seamless, interactive experience, with comprehensiveprivacy and security settings that can be tailored as needed. WeChat provides acentral point of control for users to share voice, photos, videos, and textmessages across their entire social ecosystem. Through Official Accounts,WeChat allows brands to deliver rich and high-touch appealing contentexperiences to engage with and grow their communities. WeChat is available freeto download on Android, iOS, Windows operating system, web version and Mac fordesktop version.

 

Learn more about WeChat and download theapp at WeChat.com.

Check out the WeChat Malaysia's Facebook Page.





[1] The limit for anIndividual Money Packet is RM200 per transaction, while the limit for a GroupMoney Packet is RM1,500 per transaction.

[2] Each WeChat Pay MY user can onlyreceive one Money Packet and one prepaid top-up coupon during the promotionperiod (21 -- 28 August 2018) on a first-come-first-served basis.

[3] Balance withdrawal limit: Each of the cumulative daily withdrawal limits per wallet account and per bank account is RM4,500 and the cumulative monthly withdrawal limit is RM10,000. As per Bank Negara Malaysia's security guidelines, each of the cumulative daily payment and withdrawal limits on an Android mobile phone is RM1,000.

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