WeChat has extended its features with the introduction of a digital wallet service. Like a physical wallet, users can securely store 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.
Information of up to three chip and PIN debit or credit cards, which are verified by Visa and MasterCard security systems, can be saved in the WeChat Wallet.
Cards can also be used to Cash In and increase your wallet’s cash balance, pay for services on WeChat such as airtime, electricity, food, or pay SnapScan merchants.
In addition, cash can be sent to friends via WeChat – without the need for a bank account. When registering for WeChat Wallet, people automatically become Instant Money users, which allows those without bank accounts to enjoy the benefits of the platform. Instant Money vouchers make up the cash balance, which can be topped up via traditional Instant Money channels.
People can cash in and cash out at Standard Bank ATMs and participating retailers, including Spar, Spar Tops and Cambridge Food Stores.
“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,” says 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,” says 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, at 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.”