Tencent developed social communication application, WeChat has introduced digital payments platform, WeChat Pay MY in Malaysia.
The new platform, called WeChat Pay MY, will enable the users to make payment and transfer money in local currency Malaysian Ringgit (RM) through the app.
Fully integrated with the WeChat’s ecosystem, the service can be used to make online and offline payments to various merchants across industry verticals as well as transfer money to individuals.
Further, the platform can be used to recharge mobile phone prepaid cards.
Tencent International Business Group vice-president Poshu Yeung said: “As Malaysia embraces the digital economy, we are excited to launch WeChat Pay MY, which aims at facilitating the development of the Malaysian market by introducing local users and businesses with a simple, secure and convenient mobile payment experience.”
WeChat Pay MY comes with various features including Quick Pay, Debit Card Binding and Money Packet.
Quick Pay option will allow users to complete merchant payments swiftly, while Money Packet allows money transfers to individuals and groups without extra charges.
Debit Card Binding functionality will allow users to save a card in their WeChat Pay MY account, eliminating the need to carry debit cards to conduct payments.
The users can also withdraw the amount of money stored in their WeChat Pay MY wallets and transfer it to their bank accounts.
The introduction of payment services in Malaysia also marks WeChat’s expansion beyond the Chinese and Hong Kong markets.