WeChat Digital Wallet launches in South Africa
I always say that when we leave the house we need three things: Cell phone, wallet and car keys. If you leave one of those you have to go back.
Looks like I need to revise my statement as you can now leave your wallet at home as WeChat has launched its digital wallet service in South Africa.
What is WeChat’s Digital Wallet ?
After you install WeChat app on iOS or Android, you can tap “Me”, then tap “Wallet” and tap on “WeChat Pay”. You will then be required to to enter your SA ID as this is only available for those who are 16 years and older. You will then create a PIN so your info is secure.
You can now stop here and simply use the Digital Wallet or you can now add up to three chip and pin debit or credit card which at verified by Visa and MasterCard. The system is backed by StandardBank however you can add non-StandardBank cards too.
This is a simple process which just requires you to add your Credit Card number and expiry date and this is instantly verified with Standard Bank’s OTP to ensure that it is indeed you who is adding it. R2 is deduced from your account as a way to verify the account but this is refunded.
What service does the WeChat Wallet Provide ?
Pre-Paid Service – With the wallet you can purchase pre-paid services such as airtime, data and electricity.
Send Money – You can send money to friends and family even if they don’t have bank accounts. The recipient is sent a “WI-Code” which is essentially a string of numbers. All they then have to do in order to convert that into cash is find nearest Standard Bank ATM and choose Cardless-Withdrawal on the screen and enter the Code. The Rand amount will be dispensed.
Receive Money – You can receive money from others to build up your Wallet’s cash reserve so you can spend it later.
SnapScan – you can make payment to any SnapScan merchant even if you don’t have the SnapScan App.
No Bank Account No Problem – if you don’t already have a bank account, you can still use this service as each user becomes an Instant Money user. Instant Money vouchers can be purchased to top up your account which are available at Standard Bank ATMs and retailers such as SPAR, SPAR Tops and Cambridge Food Stores.
Brett Loubser, Head of WeChat Africa states that “The service is another way WeChat is merging the online and offline worlds, providing users 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,”
Another system that brings us closer to a cashless society and gives the un-banked an opportunity to partake in this digital economy!
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*Headline image from Shutterstock.com