MOBILE PAYMENTS
54 brings the convenience to people ’ s lives .”
Tencent also expanded their financial technology to offer the “ boutique ” wealth management , lending and insurance service , Licaitong . According to Sun , as of September 2018 , “ Licaitong became the second largest online wealth management platform in China with more than ¥ 500bn in aggregated customer assets .”
WeChat Pay has not only had a strong domestic impact , but has also cultivated an ease of service for Chinese users internationally . Sun noted that , in 2018 , Chinese tourists made up 149mn trips , a 14.7 % increase from the previous year . When Chinese tourists travel abroad , they can use WeChat to complete transactions with Tencent organising the currency exchange through the app . Tencent also has a program embedded in the app for tax refunds . This includes refunds in real time at 83 airports in 20 countries .
Further innovation has allowed the company to improve the lives of its users . “ Tencent is passionate about
“ As well as connecting people with each other , WeChat Pay also connects people with services ”
— Wendy Sun , Senior Product Director , Tencent
JULY 2019