This is especially important for small purchases like coffee and parking where the flat fee in the West of 20 to 30 cents can eat up a large part of the transaction. WeChat and Alipay don’t charge merchants much relative to card-based transactions in the West. It’s easy for small merchants to use QR codes such that WeChat and Alipay are accepted everywhere. Per the Cashless Revolution book, QR codes for payments mean there is no need to coordinate with phone manufacturers or telecom companies. WeChat allows people in China to pay for rides without leaving the app. I think if we achieve that or come even close to that with Twitter, that would be a success. You basically live on WeChat in China because it's so helpful, so useful to daily life. Per Business Insider, Tesla ( TSLA) CEO Elon Musk said there is no equivalent of Tencent’s WeChat outside of China and he wants Twitter to be more like WeChat: This is not the case in China where WeChat and Alipay ( BABA ) keep payment fees low on a relative basis regardless of the size of the transactionĪt the time of this writing, 1 RMB is about $0.15. In the West, small transactions via credit cards are painful for merchants because a large percentage of the transaction does not go towards the merchant. Today the WeChat super-app is more like a smartphone operating system than a regular app. ![]() Starting in January 2017, Tencent launched mini-programs which are similar to the regular apps we see on Apple and Google smartphones. ![]() My thesis is that there is nothing like Tencent’s ( OTCPK:TCEHY) WeChat outside of China.
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