WeChat to Charge 0.1% Fee on WeChat Wallet Transfers to Bank Accounts
Ebrun, 2/15/16
Chinese internet and mobile services firm Tencent (0700.HK) said yesterday that starting March 1, its WeChat Pay in-app payment tool for mobile messaging app WeChat will start charging a 0.1% transfer fee when users transfer money from their WeChat Wallet to linked bank accounts.
There will be a RMB 0.1 minimum charge per transaction. The fees will not apply to the first RMB 1,000 that a user transfers from their account (this benefit is limited to RMB 1,000 per person, based on national registration ID number).
Tencent said that the fee is not profit-motivated, but will rather be used to cover fees that WeChat must pay to banks.
Tencent also said that it has stopped the pilot it launched in October last year in which WeChat took a 0.1% fee for total monthly payments exceeding RMB 20,000.
Editor's note: For more information on this topic, please see "WeChat to Test 0.1% Fee on Monthly Payments in Excess of RMB 20,000," MD 10/22/15 issue.
Keywords: wireless Tencent 0700.HK WeChat WeChat Pay mobile payment mobile IM
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