WeChat Pay

One of China's most popular smartphone-based social media super-apps, WeChat is utilized for online gaming, shopping, and payments. In order to facilitate simple and transparent money transfers over its messaging platform, it combined its online payment brand Tenpay with it and developed WeChat Pay in 2013. Since then, WeChat Pay has grown to become the most popular mobile payment app among users, with a share of 92.7 percent in the year 2020, thanks to the support of WeChat's extremely large monthly active user base of 1.27 billion in the last quarter of 2021.

According to the most recent report, it will have over 10 million merchants, 23,000 monthly service providers, and partnerships with more than 1800 banks and payment institutions by January 2022. WeChat Pay, the company's payment app, benefits from WeChat's enormous popularity in China, with more than 20 million users utilizing it daily for online purchases and 200,000 new customers joining up for the services each day. Through its many features, WeChat Pay offers payment services to WeChat app users.

Founded: August 5, 2013
Headquarter: Singapore
Website: pay.weixin.qq.com