WeChat has become the China’s top social networking app basically designed for the close friends to chat with each other, is quietly taking place all over the world. This gigantic app includes many amazing features. It is operated by the Hong Kong-listed Chinese internet giant Tencent Holdings and popularly also known as the Weixin on the mainland which is a dominant type of about nine hundred million monthly active users.
The major functionalities of this app are used to send the instant messages, buy shows and movie tickets, and pay the electricity bills as well as the other services that make every one of our lives more comfortable and convenient for their personal lives. Generally, but it does not stop alone at the people’s personal lives. With its increasing number of features and a huge user base, this app continues to obscure the space between personal and professional life nearly ninety percent of more than twenty-thousand surveyed web users in china viewing this app as the top choice for the daily work including the communication work.
Most of the folks have more relationships on WeChat as they need to maintain them and also spend more time there. According to the research, about eighty-eight percent of the WeChat users use the application for the daily work communication. The phones, text messages and the fax machines were used by sixty percent and email about twenty-three percent.
Day by day it is becoming clear that WeChat is becoming more popular among the people as it mainly works for the work communication. It was initially designed for the folks who prefer to stay in touch with the friends and about fifty-seven percent of the WeChat users exclaims that their new contacts on the app are work related one.
It is possible for the Chinese business people to scan each other QR codes in order to connect on WeChat instead of exchanging name cards during the meetings. Generally, the office workers share the files through WeChat rather than using emails. In addition to of that, the conference calls can also be made at anytime, anywhere, anyplace through the WeChat as long as there is the availability of the internet connection.
As most of the folks have more business relationships on WeChat they need to maintain the relationship and also spend more time there. In the present position, Tencent still has the high ability to add advertisements on WeChat. A study report exclaims that most of the WeChat users spent on average of sixty-six minutes a day on the app in the year 2016, a major increase compared to that of the previous year.
About thirty-four percent of the WeChat consumers spend on average of about more than four hours on the app every day last year compared with seventeen percent the previous year. While some of the folks who give the same importance to both personal and professional life on the same platform, on the other side of the flip others find that WeChat has already taken up more space of their life.
Most of the colleagues, friends, and family will be contacted through WeChat and hence this tremendous app makes the folks extremely accessible one. The folks can send the messages whenever they want and it is considered to be a negative sign if they reply to them in time. Some of the people may try to move away from WeChat because if the extensive use of the app. It is said to about nearly nine hundred million active users spending more than ever using their Smartphones with larger transactions of about seventy-three dollars and above compared to that of the year in 2015.
WeChat’s major increase into e-commerce and the payments has put the Tencent on a tie-up with Alibaba, which runs the China’s top mobile wallet app, Alipay. It is ahead of all the services including that of the online and in-store payments.
According to the report
China claims to be the world’s largest mobile payments and also it is one of the global benchmarks for the other markets to be pursued globally. According to the estimates based on the iResearch data, China will process an enormous amount of about seven trillion in total mobile payments by the year 2020. This automatically results in a compound annual growth rate of about thirty-three percent. It also miniatures the U.S’s mobile payments industry. In future, US will generate about one hundred and fifty-four dollar billions in the mobile payments volume which equate to just seven percent of China’s mobile payments volume.
At the same time, China will generate over thousand seven hundred dollars in mobile payments volume per capita in the year 2016, compared with four hundred and seventy-five dollars in the U.S which are based on the forecasts from BI Intelligence and eMarketer. Till now, Mobile commerce and the marketplaces have constructed the China’s enormous success. The customers in China are more flexible with shopping on their Smartphones compared to that of the U.S and the devices face less resistance from the other legacy payment methods like credit cards. Alibaba, a gigantic sized marketplace, and WeChat, a go-to messaging platform supports Alipay and Tenpay respectively.
In the year 2016, Alipay had a fifty-four percent market share, compared with Tencent’s thirty-seven percent of the share, marking a slight variation in Alipay’s favor from the previous quarter. On the other side of the coin, both the wallets are competing for a greater share of nearly three trillion dollars market and WeChat us targeting to catch up by expanding its presence nationally.
WeChat has hit a staggering block that could slow down its efforts more or less closer to that of Alipay. According to the Bloomberg report, in the WeChat app, the folks can tip the content developers various amount of money in the app in order to encourage the competition and finally a good content on the platform. On the other side of the flip, Apple has antagonistic guidelines particularly for the in-app payment platforms where the developers cannot integrate with that of the purchasing systems which have forced Tencent to pull the feature for the iOS app users. But that is not a huge share of the market where the iphones represent about a fifth mobile device in China but it has a good impact.
We Chat Pay totally depend on the social interactions in order to achieve its target. As every one of us knows that WeChat is China’s most popular chat app and they also connect to social interactions which are similar to that of the peer-to-peer transfers. According to the Bloomberg, they tend to push the users to deposit money into the wallet.
The report also forecasts and compares the mobile payment volumes, in-store mobile payment users, mobile payments volume per capita, and the commerce penetration in China and the U.S. It also overviews the key competitors in China’s mobile payments market, and how new aspirants may shuffle the hierarchy of dominant players. The document uncovers the key drivers driving the China’s mobile payment markets. Identification is also processed in which drivers the U.S can import from China, and which barriers may be standing in the way.
Anand Rajendran is CEO and Co-Founder of Zoplay, best PHP scripts development company located in India. Zoplay is a part of Casperon Technologies a leading social and mobile development company which is developing , leading innovative and collaborative software development teams to deliver major software applications like SCIMBO. I’m a Tech geek, Digital marketing expert, Entrepreneur, and Atheist who loves to write everything about PHP Scripts and mobile application development.