WeChat to Test 0.1% Fee on Monthly Payments in Excess of RMB 20,000

NetEase Tech, 10/22/15

Chinese internet and wireless services firm Tencent's (0700.HK) WeChat mobile messaging app recently said that it will begin testing new rules for payments made via WeChat. WeChat will continue to allow each individual user to make up to RMB 20,000 in monthly transfers without incurring any fees, including in-app transfers and in-person QR code-based payments. Payments made in excess of the RMB 20,000 monthly threshold will be subject to a 0.1% fee, but this fee will not be applied to funds received by merchants who use WeChat to receive payments. WeChat said that the new rules are being implemented to help cover WeChat's banking fees and are not profit-motivated. The company is actively communicating with banks and hopes to make transfers free again as soon as possible.

Keywords: mobile payment wireless Tencent 0700.HK WeChat mobile IM

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