Vcash, Samsung Pay, Alipay and CIMB Pay are just a few of the e-wallets that are available in Malaysia. Now, WeChat Pay is adding itself to the mix, and it’s been garnering a lot of interest.
Rumours swirled that WeChat Pay will be launched in Malaysia some time in June, and it looks like it is already happening! The timing could not have been better, as our Prime Minister Tun M has expressed interest in steering Malaysia towards being cashless. Malaysia is also one of the first markets outside of China to have the wallet localised to our own currency, the Ringgit Malaysia. With 20 million WeChat users in Malaysia, no doubt Tencent feels like the launch will be a hit!
Why is WeChat Pay Such A Big Deal?
As aforementioned, Malaysia actually does have other e-wallets available. WeChat is simply more highly anticipated as it changed the whole payment infrastructure in China. Let’s digress slightly and let me share my experience with you, readers. I was out for lunch with a friend at a restaurant owned by a Chinaman, and we decided to split the bill, which we paid by cash. As he rounded the figure down to an even number to make the split easier for us, he launched into an explanation of “cashless China”. Basically, what he said was that China is now cashless, and everyone pays through mobile phones. “You can even pay for your fish and chicken at the wet market. No more smelly notes!” he told us happily. In other words, you can easily survive in China as long as you have your mobile phone with you. No cash, no problem!
WeChat Pay in Malaysia
Actually, Tencent Group has been beta-testing WeChat Pay on 10000 selected WeChat users in Malaysia for the past two years. Those who were selected had not one, but two versions of the e-wallet: one in Ringgit Malaysia, and another in RMB. However, transfer of currencies between the two wallets was unavailable at that time. Now, as WeChat Pay is starting to take off, it should be compatible with most credit/debit cards. WeChat has also enabled foreign credit cards to be tied to WeChat Pay accounts. Not only that; local banks are on board with WeChat Pay as well! As early as November 2017, Hong Leong Bank has already enabled merchants to accept payments for WeChat Pay. At the moment it seems like Malaysians can only use WeChat Pay for mobile top-ups and bus tickets, but we can be sure that WeChat Pay will extend to cover more services and purchases.
WeChat Pay Payment Methods
This is where vendors scan a QR code on a customer’s mobile phone once they’ve paid for something. Additionally, customers can also scan a QR code set up by vendors to view a product’s information, or to read transaction guides.
Alternatively, vendors authorise WeChat to process payments when customers pay through other apps.
Topping-Up WeChat Pay
You can find the wallet under the “Me” tab of the WeChat app, and from there, topping-up is a breeze!
- Tap on “Balance” once you get to the wallet.
- Tap on “I Understand”, and understand that the maximum top-up limit is RM 4999.
- Set up a payment method for the wallet.
- Enter your card payment details and key in your desired top-up amount.
- Verify the top-up through your bank’s security page.
And that’s it! You’ll be able to view your balance after that! Are you excited for a cashless future, or do you still think that cash is king? Let us know in the comments below!