Mobile phone is a very common thing for modern people. With the advent of smart phones, a series of mobile phone applications also arises at the historic moment. Wechat is one of those apps. Since 2011, Tencent launched the first edition of WeChat, it has changed the Chinese way of life. Since the 21st century, the figure of Chinese who under the Internet and smartphone penetration straight up and become the world’s highest. WeChat also earned a huge economic benefit for Tencent from the huge economic group.
As an app of MIM, the basic function of WeChat is instant messaging, but people can use Wechat not only for messages to each other. Simply speaking, Wechat is an app, which mix WhatsApp and Facebook together. WeChat provides text messaging, hold-to-talk voice message, broadcast (one-to-many) messaging, video confrencing, video games, sharing of photographs and videos, and location sharing. It has quickly become one of the Chinese essential software in daily life. So WeChat has huge users usage because of those functions.
As people think WeChat would be like this, WeChat has continued to launch a series of commercial sector, like Public Accounts, Online payment function, My Wallet and so on. Regardless of the size of the companies in WeChat opened public accounts, such as Montblanc, McDonald’s and Pepsi. Burberry has also been using WeChat as well. They took Wechat behind the London runway show. When fans sent Burberry a text message, the brand instantly responded with a virtual plaque engraved with their name.” This campaign gave fans a first-hand experience of whatit is like behind the scenes of one of the most well known fashion shows. These functions not only provide a new platform for big brands, but also take business users and WeChat bundled together.
The red envelope has always been a Chinese tradition, especially during the Spring Festival. During 2014 Chinese Spring Festival, Chinese WeChat users sent out millions cash-filled red envelops. The money sent out was saved in everyone’s personal purse, which based on WeChat platform. In another word, Wechat became to a bank. Like selling gift card, WeChat acquired a lot of cash flow in a short time. WeChat just won 5 million bank accounts in two days.
WeChat successively introduced more features, like taxi calling, plane ticket and train tickets ordered, Wechat pay (similar as Apple pay), etc. It also derived a series of c2c marketing mode, called Wechat business. WeChat using network platform and information technology, fully combine the finance and business with mobile communications software. This is already bringing in droves of new users for WeChat’s in-app payment service, as the blog Tech in Asia points out. With the rising popularity of smartphones and liberalization of payment services, the sector is positioned for further growth in the coming years.