WeChat is more than chat. It was launched in 2001, but few Americans have even heard of it.
WeChat was created in China and is a social media app, for messaging and networking. Similar to Facebook or WhatsApp, but has expanded features that has made it indispensable for today’s applications
Although, China is taking a beating in the Press over the App, the technology they are developing is revolutionary and is going to take the world by storm.
How is Cash becoming obsolete?
For years, you have been watching sci-fi movies and tv shows that talk about a cashless society. You might think that this technology is still far in the future. You couldn’t be more mistaken. China, has basically achieved a cashless society in 3 years! Check out this Link! WeChat uses a feature called a QR code ( which may look familiar) to connect two people for messaging. In 2016, mobile payments in China hit 5.5 Trillion Dollars. Today, 2020 mobile payments have exceeded almost $9 trillion dollars. Almost a 50% growth in 4 years and 50 times the size of America’s 112 billion in payments.
In China, this technology is necessary. You can not access everyday needs with out being connected with WeChat technology. You can not order delivery, get coffee, or tip without it. No cabs, no movies nothing.
Today, Norway, United Kingdom, Australia, South Korea, and Sweden are also considered cashless or soon will be.
MasterCard and Visa along with other credit card companies have realized the growth of WeChat and saw their own demise. As a result, now have partnered with WeChat and provided alternative avenues of making online payments. But, WeChat still provides free or very low fees for withdrawals so small vendors can use QR Code on their phone instead of expensive credit card readers.
No Competition
The rest of the world has no way to compete with this technology. China has two companies Alibaba and Tencent that dominate the market in China. But the usual problem happening, is the more people using WeChat the harder it is to get into the network.
Vendors that use Apple square pay a fee of (2.6% + $.10) to (3.5% +$.15). Very high fees compared to WeChat’s service which is free and only a $0.1% for withdrawals. Why would any vendor pay such high fees for a service they can get for a negligible cost compared to Credit card fees?
This overcharging is so similar to the way cable companies have been treating their customers for years. People are waking up to this financial abuse. More and more people are switching to internet applications, like Peer to Peer Network, that do not gouge their customers with every nickle and dime charge for their services.
Convenience and cheaper is what today’s consumers, not only want but demand.
We are doing our part to catch up to China and the rest of the world who are now considered a cashless society. I want to introduce you to a free service that uses WeChat technology, but because we want to spread the word of our new service, you get paid to chat!
Using WeChat Technology, we have set up a system where you can get paid to chat. GO HERE for more information and to sign up
Although today, the rest of the world has nothing to complete with this yet, I have no doubt they will soon. So many innovations that are pushing to do away with hard currency. Circumstances and new technology is quickly moving toward a cashless society. Applications like WeChat, Peer to Peer Network, Tipping Circle and Bitcoin, along with social distancing have moved us to a new way of doing business.
If you want to see more……..
Response Magic