![]() ![]() ![]() WalkTheChat estimates what the WeChat Pay growth looks like over time:īesides the QR code payments that WeChat is well known for, they also offer FinTech products that include wealth management, consumer lending, insurance, and remittances, among many others. Six years later, in 2019, FinTech offerings drove $11.9 billion (22% of) Tencent’s total revenue. They don’t break out payments from “FinTech” and “business services” in their financial statements, but I am going to imagine they have a set up like Apple Wallet where they take a small fee on transactions (e.g., 0.15%) that otherwise would have gone to the banks/card issuers. It’s actually a bit fuzzy where Tencent makes money on WeChat Pay. One way to think about WeChat mini-programs and their apps is that they’re storefronts built on top of a payment app, rather than a payment experience build into a website. In Q4 2019, WeChat pay was doing more than 1 billion commercial transactions/day across its 800 million monthly active users and 50 million merchants. In that same update (WeChat Version 5.0) WeChat added payments and the ability to buy stickers (one of their first monetization attempts). In my last post, I proposed that WeChat began morphing into a true “Super App” at the point where it added official accounts (a pre-cursor for mini-programs) in May of 2013. This is part of a larger thesis on Super Apps that I’ll talk about in my next post. To be a truly generalizable Super App, I believe you need to own your user’s wallet. ![]()
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