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On top of that, each QR code is only valid for one transaction. In addition, the user’s QR code is time-limited: the app generates a new unique QR code every minute, so nobody can snap a photo of your unique QR code and try to pay using it. This can be disabled if the user prefers it. This means that upon scanning the QR code and keying in the transaction amount, the user is required to enter a six-digit payment PIN before the transaction is made. WeChat Pay’s Quick Pay feature can also be set to have a payment PIN request upon each transaction. After scanning, the merchant or user keys in the amount to pay, and the transaction is complete. QR-based transactions can be done two ways: by the user scanning the merchant’s unique QR code, or the merchant scanning the user’s unique QR code. In fact, this is a much safer option than using cash. WeChat Pay works just like any other QR-based mobile payment service. Bank Negara has already issued dozens of e-wallet licenses since last year to a wide range of companies, from Grab to Digi, in addition to the traditional banks. With Bank Negara pushing for a standardised QR-based mobile payments platform, it is only a matter of time before we can use e-wallets like WeChat Pay virtually anywhere. After all, the process is exceptionally quick and seamless, and can easily be conducted on their smartphones. Given the huge amount of WeChat users in Malaysia, there is also an incentive for retailers of all sizes to embrace WeChat Pay. In addition, Tencent is also expected to announce some merchant partners that will accept WeChat Pay at launch. Initially, this was to support the influx of Chinese tourists who use WeChat Pay, but it appears this move was also to provide end-to-end support for Malaysian users as well.Ĭompare the best Hong Leong personal loan This means Hong Leong Bank will be the touch point for local merchants and businesses who wish to support WeChat Pay as a payment option. But this is likely to be just formalities, because the company has already engaged Hong Leong Bank as the merchant acquirer for WeChat Pay services in Malaysia late last year. Tencent is likely to address where users can use WeChat Pay in Malaysia when it officially announces it, with rumours of a 11 June official launch date being mentioned. With Tencent claiming that 60% of the 20 million users in Malaysia are Malay, this could be a fun party trick for Raya that may evolve into a legitimate daily usage feature for some users. In China this year, 768 million WeChat users used this feature in just five days during the Chinese New Year celebration. The “red packet” feature, which is basically a peer-to-peer money transfer service, could be adapted in Malaysia for Hari Raya. It is likely that Tencent will be looking to push another popular feature before Hari Raya Aidilfitri next week. The list of features will definitely increase over time, as WeChat gets more local partners onboard. You can top up prepaid credit, or even buy bus tickets directly from within the platform. WeChat Pay in Malaysia also supports a few other features at launch, which are powered by third-party operators. Users can also withdraw funds from this wallet, and have it back in their bank accounts in two working days. For security purposes, the QR code is refreshed every minute. Once this is done, you will get a QR code that can be scanned to initiate the payment process. This is done by adding any Visa or Mastercard debit cards issued by Malaysian banks, and transferring your desired amount to the wallet. To enable Quick Pay, WeChat users simply need to top up their app’s mobile wallets.

The feature, which can be found under “Wallet” in the “Me” section, includes the popular “Quick Pay” function, which is the QR code-based mobile payment system. After a lengthy two-year beta testing period involving 10000 Malaysian WeChat users, WeChat Pay is now ready for the masses.