![]() WeChat Pay can be more convenient and user-friendly than Alipay at times. WeChat Pay relies too much on the social app Although WeChat Pay managed to lure users during the Red Envelope War in 2014, it remains only as a payment service when Alipay has already developed an ecosystem from payment. On the other hand, while there are 800 million active users on WeChat, only 300 million people have added their bank cards on WeChat Pay. WeChat Pay does not have a closed loop in payment ecosystemĪlipay has approximately 300 million active users. Therefore, WeChat has a stronger need to reduce cost. In comparison, the income from charging fee is more important for WeChat Pay because its profit model is not as mature as Alipay’s. Alipay is encouraging consumers to leave the money in the Alipay accounts and spend more through Alipay. Since consumers’ habit has already been established, the surcharge will not result in a loss of users. Points in Alipay can be used to redeem free cash withdrawal limit. However, there will not be a surcharge for transaction lower than ¥20,000 (US $2,998.0) and the corresponding figure for WeChat Pay is ¥1000 (US $149.9). The rate is 0.1 percent, the same as WeChat Pay. On 12th September, Alipay announced that it would start charging fees for transfers from Alipay account to personal bank account from 12th October onwards. While Alipay can afford to not charge users transaction fee, WeChat Pay has to. WeChat Pay has already started charging users since March 2016. Alipay will soon start charging users 0.1 percent surcharge for transferring money from Alipay account to personal bank account.
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