At an exclusive event, which was held in Johannesburg South Africa, WeChat revealed that it has extended its features with the introduction of a digital wallet service.
According to the company, like a physical wallet, you can securely store your bank cards and make instant cash payments within WeChat with the new feature.
With WeChat Wallet, people can electronically send cash to friends and family, just like handing cash to a friend to get you lunch or pay for coffee or a drink at the bar… This is according to the company.
WeChat Wallet enables electronic cash transfers, the use up to three chip and PIN debit and credit cards, and the ability to transact via cards verified by Visa and MasterCard.
The app requires card details to be entered but once activated users can cash in or cash out at Standard Bank ATMs and retailers, including Spar, Cambridge, Rhino and Choppies Stores. While WeChat has a partnership with Standard Bank, any bank user can use the service and even the unbanked can access its features.
“The new digital wallet service is WeChat’s most exciting offering yet. It truly showcases the scope of the platform and provides a safe way for people to store their bank cards and make cash payments on the go in a tech-savvy way. The service is another way WeChat is merging the online and offline worlds, providing people with seamless payment integration in a single application. Now they won’t be inconvenienced if they forget their purses or money at home because everything they need is at their fingertips,” said Brett Loubser, Head of WeChat Africa.
“You no longer have to worry about sending money to a friend or family member that doesn’t have a bank account or that doesn’t bank at the same bank as you do. With WeChat’s Wallet, you can transfer money directly to their phone and they can cash the exact amount they need and keep the balance for later,” said Loubser.
“At Standard Bank, we’re devoted to transforming the banking experience by making it faster, easier and much more accessible, anytime, anywhere,” says Kheta Mazibuko, Head, CFS, Personal Services, Standard Bank. “As a bank with a pioneering spirit; a bank that has been at the forefront of the digital revolution in financial services, we’ve made significant investments in infrastructure and product development to improve customer service and security, as well as to maintain social relevance and engagement with our customers. This service is just another way that Standard Bank is making banking a seamless part of our customers’ daily lives. Not only does it give customers the freedom to choose how they stay in control of their finances, it provides them with peace of mind knowing that they can do so safely and securely, with the backing of a banking brand that is committed to being always on and available to them 24/7.”
Registering for WeChat Wallet is easy. Simply log into WeChat, tap ‘Me’, then tap ‘Wallet’ and follow the step-by-step instructions. The service is only available to South Africans who are 16 or older with a valid ID number and are using iOS or Android phones.