WeChat launches e-wallet, offers free Money Packets

Users can transfer money from their WeChat accounts to their local bank accounts .

WeChat users can now pay using their app with the roll out of its e-wallet component, WeChat Pay My.

“As Malaysia embraces the digital economy, we are excited to launch WeChat Pay My, which aims to facilitate the development of the Malaysian market by introducing local users and businesses with a simple, secure and convenient mobile payment experience,” says Tencent International Business Group vice president Poshu Yeung

To celebrate the launch, “Money Packets” will be given away to all WeChat users between Aug 21 and 28, it claims.

The Money Packet will be filled with a random amount ranging from RM3.88 to RM88.88, and a prepaid top-up coupon of RM2 will also be given away.

Money Packets is a peer-to-peer payment system that allows users to transfer money to others or a group with no service charge.

Poshu says that WeChat Pay My has received Bank Negara’s approval to act as an electronic money issuer, and has implemented security technologies that comply with international standards, including 24/7 real-time monitoring of all transactions.

Other features include Quick Pay which allows users to generate a QR code that merchants can scan to pay for a transaction and Debit Card Binding which lets users associate multiple cards to top up their e-wallet.

Users can also withdraw money from their accounts by transferring it to their local bank accounts as long as it doesn’t exceed RM10,000 a month.

WeChat is a social communication platform developed by China’s Tencent Holdings Ltd.