The newly added payment function of WeChat 5.0 version attracted the attention of some agile-minded entrepreneurs. It is estimated that it may change the traditional consumption habits and provide new commercial opportunities for startups.
Users can spot the desired products by scanning QR codes in WeChat and pay for them in the app directly. From the perspective of merchants, they can promote their commodities via WeChat platform to targeted clients and the convenient payment function saved the risk of losing customers in redirecting them to other shopping platforms.
According to a report released by market investigation institute Horizon, 76.70% of the customers interviewed are willing to purchase products for no more than 1,000 yuan ($162.19) on WeChat platform. 5% of the customers will buy products for no more than 50 yuan, because they think the small sum deals simply do not worth the time.
Payment Amount Acceptable to WeChat Users
19 our of 100 WeChat clients ever used WeChat payment service, still on a low level compared with other features of WeChat. But it is worth noting that payment function is among the most desired ones on WeChat, according to the report. The research shows that customers are more willing to pay for services, such as phone bill and transportation fees, as well as virtual products via WeChat.