![]() “Tencent is passionate about improving people's quality of life through technology,” said Sun, going on to discuss We Return, Tencent’s product designed to assist in the smooth transactions of several thousand domestic helpers who work in Hong Kong, but who are originally from the Philippines and Indonesia. ![]() This includes refunds in real time at 83 airports in 20 countries.įurther innovation has allowed the company to improve the lives of its users. Tencent also has a program embedded in the app for tax refunds. When Chinese tourists travel abroad, they can use WeChat to complete transactions with Tencent organising the currency exchange through the app. Sun noted that, in 2018, Chinese tourists made up 149mn trips, a 14.7% increase from the previous year. WeChat Pay has not only had a strong domestic impact, but has also cultivated an ease of service for Chinese users internationally. According to Sun, as of September 2018, “Licaitong became the second largest online wealth management platform in China with more than ¥500bn in aggregated customer assets.” Tencent also expanded their financial technology to offer the “boutique” wealth management, lending and insurance service, Licaitong. “This total mobile internet solution brings the convenience to people's lives.” WeChat Pay is now the most popular payment network in China, with over 1bn users. “As well as connecting people with each other, WeChat Pay also connects people with services.” If an individual leaves the house with their phone, then they do not have the need for money or a wallet, as WeChat Pay enables them to shop without these items. Sun explained that WeChat Pay enables almost all aspects of the average Chinese person’s life. Traditionally, the hóngbāo, the Red Packet was only given between family and friends for good luck during the Chinese New Year period.” “In 2014, Tencent’s WeChat fundamentally changed the game, by allowing you to send the digital red packet to your friends or to your chat group. Sun shared one innovation that has had a great influence with the launch of the payment app. In 2013, WeChat Pay was launched and the company moved into the finance space with the creation of WeBank (China) two years later in 2015, before beginning to expand overseas to Hong Kong and the Malaysian markets in 2013, 20, as Tencent began to establish itself as a key player in the financial payments industry. According to the Senior Product Director of Tencent, Wendy Sun, who spoke at Money 20/20 2019, Tencent wished to adapt alongside its customers, who “changed from the PC to the mobile phone age.” This sparked the creation of WeChat in 2011. Originally a platform that created online multiplayer games such as League of Legends, it moved into the instant messenger service, QQ. The multi-conglomerate Tencent has moved across industries since its creation in 1998. Tencent’s understanding of its wide customer base has allowed its successful transformation into the payment market, changing the ways in which transactions are carried out in Asia forever.
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