![]() ![]() So what exactly is WeChat Pay and how does it work? Here are 10 things you need to know about it now, as presented at the recent Money 20/20 conference in Las Vegas. First launched in 2013, WeChat Pay now holds 40 per cent of the mobile payment market share in China. It’s fully optimized for online and offline businesses and aims to. This steep growth trajectory is made possible largely due to the market’s two main mobile payment players – one of which is tech giant Tencent, with its WeChat Pay service. WeChat Pay is an in-app payment feature that allows all WeChat users to pay for transactions quickly on their mobile phones. In various posts, I found a handful of videos proving that palm-print payment devices for Tencent’s WeChat Pay system have been tested in cafes, bakeries, and supermarkets since at least July. In fact, a 36 per cent growth in non-cash transactions within the Middle Kingdom is projected over the next five years. However, analysts have predicted that China will be the first country to reach a full cashless state thanks to its high uptake of mobile payment options. Presently, the Nordic territories are at the forefront of this transition (Sweden sees less than two per cent of all its transactions in cash). The default local currency for WeChat Pay is cny and customers also see their purchase amount in cny.According to the recent World Payments Report 2017 by technology consulting firm Capgemini and banking group BNP Paribas, the number of global non-cash transactions will increase at a compound annual growth rate of 10.9 per cent until 2020, at which it will hit 726 billion. You can create WeChat Pay payments in the currencies that map to your country. You will then need to arrange an alternative way of providing your customer with a refund. In the rare instance that a refund fails, the Refund object’s status transitions to failed and Stripe returns the amount to your Stripe balance. P2P Payments International Money Remittance Payouts Value-Added Services. When a refund succeeds, the Refund object’s status transitions to succeeded. Online payment acquiring POS Acquiring Alternative Payment Methods Payments. Stripe notifies you of the final refund status using the webhook event. Refunds for WeChat Pay payments are asynchronous. After 180 days, it is no longer possible to refund the charge. Payments made with WeChat Pay can only be submitted for refund within 180 days from the date of the original charge. ![]() Therefore, there is no dispute process that can result in a chargeback and funds being withdrawn from your Stripe account. WeChat payments have a low risk of fraud or unrecognized payments because the customer must authenticate the payment via the WeChat Pay app. If your integration requires manually listing payment methods, learn how to manually configure WeChat Pay as a payment. The following Stripe products also support adding WeChat Pay from the Dashboard: WECHAT, PMPPPRO,, no specific data is needed. Checkout, a prebuilt, hosted checkout pageĪfter setting up your payment form, activate the payment methods you want in the Stripe Dashboard. After youve created the merchant, you can start to enable that merchant for additional payment methods.Follow a quickstart for one of our hosted UIs: If you use our front-end products, Stripe automatically determines the most relevant payment methods to display. You don’t actually have to integrate WeChat Pay and other payment methods individually. P2P Payments International Money Remittance Payouts Value Added Services. Partial (request an invite to create charges on behalf of other accounts) Online payment acquiring POS Acquiring Alternative Payment Methods Payments. Chinese consumers, overseas Chinese, and Chinese travelersĬNY, AUD, CAD, EUR, GBP, HKD, JPY, SGD, USD, DKK, NOK, SEK, CHF (depending on business location) ![]()
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