Photo: Shutterstock>īoth Alipay and WeChat Pay have earlier committed to help promote the country's digital fiat money. Photo: Shutterstock alt=The mobile icons of China's e-CNY platform and Tencent Holdings' multipurpose WeChat super app are displayed on a smartphone screen. The mobile icons of China's e-CNY platform and Tencent Holdings' multipurpose WeChat super app are displayed on a smartphone screen. Hu indicated, however, that the two mobile payment platforms would be "affected to a certain extent", as they "adapt to how the digital yuan is processed". "As the two mobile payment giants, WeChat Pay and Alipay are expected to provide powerful support for the application and promotion of e-CNY through its express payment system," said Hu Hao, a researcher at Beijing-based research institute Kandong.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The latest express payment option is now available to e-CNY users covered in the ongoing pilot trials, which includes 26 cities and 5.6 million merchants across the country, amid the sovereign digital currency's sluggish state of adoption. In addition, digital tools such as QR codes, Mini Programs and community-based marketing have helped tens of millions of physical stores see new growth in the digital era.China's sovereign digital currency (e-CNY) app has added Tencent Holdings' WeChat Pay as its second "express payment" option, nearly three months after initially having Ant Group's Alipay for such payments on its platform. The GMV of FMCG and F&B rise by more than 40% year-on year. In the FMCG (fast-moving consumer goods) sector, digital connection between products and sales has enabled small brick-and-mortar stores to engage in smart, agile operations. Through their self-operated Mini Programs, retailers in home furnishings, shoes/apparel/sports, and other sectors all reported that their revenues expanded more than 47% year-on-year. SEE ALSO: Tencent’s WeChat Channels to Charge Merchants Technical Service Fees WeCom is WeChat’s dedicated product for enterprises that includes convenient communication and office automation tools. Livestreaming e-commerce on Channels witnessed total gross merchandise value increase by more than 800% from 2021, while the average transaction value surpassed 200 yuan ($29.5).Īccording to the Industry Resilience and Recovery Potential Report 2023 that the platform released at the WeChat Open Class PRO, the number of daily active WeCom enterprise users in the manufacturing sector rose 30% year-on-year, among which SME companies with less than 500 employees rose 35%. In the livestreaming section, the number of users, time spent watching, number of creators with high-quality content, and time spent broadcasting was up by 300%, 156%, 614% and 83%, respectively.Īs Channels is boosting its support with more functions such as long videos, dynamic soundtrack editing, live streaming, livestreaming e-commerce, quick sharing and homepage product windows, more merchants and brands are increasingly tapping into WeChat’s vast user base for engagement with their consumers. The number of creators with 10,000 or more followers, viral videos with over 100,000 likes, and views of original videos skyrocketed by 308%, 186% and 350% year-on-year, respectively. Daily active creators and video uploads on Channels rose by over 100% year-on-year. The platform, which allows users to record, create and share videos, saw the total time spent on Channels exceed 80% of Moments, which provides mutual contacts with photos, videos, and audio sharing.Ĭhannels’ total number of views grew over 200% year-on-year, while video views based on AI recommendations increased by over 400% year-on year. It has garnered substantial user engagement since its internal beta testing on Jan 21, 2020. WeChat Channels made new strides with a growing number of services and content for businesses and consumers, according to the platform.
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WeChat, Tencent ‘s mulitfunctional social media app that is ubiquitous in China, saw its business ecosystem expand last year with the robust growth of a video-based feature called Channels, according to information disclosed on January 10 at the firm’s annual flagship event, WeChat Open Class PRO 2023.
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