One of Asia’s most popular messaging apps, WeChat, is going to take up money transfers. The app that has Facebook Messenger and WhatsApp on the list of its competitors wants to continue the worthy competition.
Last week it was reported that WeChat was to introduce a 0.1% fee for all money transfers and transactions made via the app if the amount spent by users exceeded CNY 20,000 ($3,150 per month).
From now on, stickers and other things you purchase without leaving the app will have to be paid for – this way WeChat is going to reimburse itself the funds it paid commission fees with to the banks when performing transactions. The innovation will not touch small money transfers, though.
WeChat fans are now disappointed and some of them are even threating to change WeChat for the Alipay system – a leading money transferring service in China. It provides mobile money transfers free of charge.