Payments

Daily Review: How WeChat Wants to Become a Lifestyle Choice

MEDICIGlobal Head of Content

Being the Swiss Army knife of the Chinese digital world, WeChat continues to awe the world with its ambitious developments and goals. Most recently, WeChat aspires to become a lifestyle choice overseas, having an undisputed control over communications in the domestic market. Almost a billion users actively using the platform for various purposes prove the idea of a lifestyle app and a platform to be a bulletproof strategy. Will WeChat redefine brand-consumer interactions overseas with the same success as it does in its homeland?

Pick #1. WeChat Pay Duplicates Domestic Lifestyle Overseas Where Over 90% Chinese Still Prefer Mobile Payment

What the most overseas merchants lack is not a payment tool, according to WeChat Pay, which said existing payment methods would suffice in terms of handling transaction.

“What local merchants really need is social interaction, a lasting communication channel to connect with the shoppers which allows future promotion and communication.”

The cross-border payment solution offered by WeChat Pay helps merchants across the world draw Chinese travelers into their shops and serve as a lasting link to its 800 million users. Chinese tourists can make payment to the merchants in Chinese yuan while enabling the merchants to receive the payment in their local currency. Even after they leave the shop, shoppers can still get promotion and after-sales service through WeChat.

“Over 70% of the mobile internet traffic consumed by Chinese travelers in Korea was consumed on WeChat,” WeChat Pay quoted its Korean partner as saying.

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Pick #2. AT&T, Sprint, T-Mobile & Verizon Unveil Next-Generation Mobile Authentication Platform Details

The Mobile Authentication Taskforce, comprised of AT&T, Sprint, T-Mobile, and Verizon, revealed product details of the next-generation mobile authentication platform. The taskforce vision includes interoperability with GSMA’s Mobile Connect technology.

This solution will deliver a cryptographically verified phone number and profile data for users of authorized applications with their consent. Authentication security is strengthened by processing unique attributes such as a network-verified mobile number, IP address, SIM card attributes, phone number tenure, phone account type, and more. In addition, advanced analytics and machine learning capabilities will be used to help assess risk and protect customers.

Registered developers will be able to submit applications through a system using private and permissioned blockchain technology to help ensure application integrity. The US-based carriers want the full power of collective network intelligence in the hands of consumers and businesses to help safeguard online and wireless experiences.

The goal is to make the solution generally available to consumers by the end of the year.

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Pick #3. Alibaba’s T-Mall Is Moving Cross-Border E-Commerce to Blockchain

Alibaba’s T-Mall e-commerce platform is adopting blockchain technology in its cross-border supply chain through a partnership with logistics company Cainiao. The partnership aims to move information on goods for import and export onto a blockchain that can then track their country of origin, shipping port & method, arrival port, and customs report details.

Chinese consumers from various cities covered by Cainiao will be able to track the blockchain-based logistic information for some 30,000 goods from 50 countries through the e-commerce’s mobile application.

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Pick #4. Hong Kong’s Budget Is a Push for FinTech, Innovative Industries

Over HK$50 billion ($6.4 billion) would be earmarked for “investing in the future” to help innovative and creative industries include a startup fund and investments in sectors such as FinTech.

“Information and Technology is undoubtedly an economic driver in the new era. To shine in the fierce I&T race amidst keen competition, Hong Kong must optimize its resources by focusing on developing its areas of strength, namely biotechnology, artificial intelligence, smart city and financial technologies,” said Paul Chan, Financial Secretary.

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Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.