WeChat is terrible! Look at QQ, it’s no longer just an instant messaging tool. It integrates all kinds of functions so comprehensively: PC clients, web versions, and mobile apps—all available. You can even play games, decorate your space, and take screenshots. Your tiny WeChat only implements a small part of Mobile QQ's features, without question, making it terrible!
Ah? Today isn't January 21, 2011 (Note: the release date of WeChat)? And the article talks about WeChat Pay, not WeChat itself? Sorry, sorry, let’s start over.
WeChat Pay is terrible! Look at Tenpay (don’t imagine other wallet apps), it’s no longer just a payment tool. It has integrated various functions so comprehensively—web version, mobile app, all available. You can buy Yu’e Bao (a money market fund), pay utility bills, and more. Your tiny WeChat Pay only implements a small part of Mobile Tenpay's features, without question, making it terrible!
Alright, jokes aside, let’s focus on WeChat Pay and see if this new feature in WeChat is as "terrible" as some Alipay executives have said. One thing is certain: Tencent’s PR department didn’t bother contacting media outlets to report on this matter. Not only are there very few related reports, but the few that exist completely missed the point. Is WeChat Pay simply Tencent linking Tenpay with WeChat? Absolutely wrong. Let me explain...
The most interesting aspect of WeChat Pay is that, although it uses Tenpay’s license and backend, the WeChat Pay account is completely unrelated to Tenpay. This means that the credit cards you bind and the consumption statements in WeChat Pay cannot be seen when you log into Tenpay using your QQ account. Moreover, Tenpay doesn’t have a place where you can log in with your WeChat account. This implies that WeChat Pay doesn’t have a web version or a computer client—it’s purely a mobile payment method embedded within WeChat.
Still don’t see much difference? Consider this: how many places dare to use only six Arabic digits for passwords? I bet it's only your bank card password. Aside from that, whether it's Taobao’s Alipay or even your bank’s online banking password, they kindly suggest using a password of six or more characters combining "numbers + letters." In contrast, WeChat Pay forces the use of a six-digit numeric password; you can’t even input letters. Due to WeChat Pay eliminating all other unnecessary usage methods, the only place you enter a password is through WeChat on your phone, ensuring that a six-digit numeric password is secure enough. Once you need to input a password on a web version or elsewhere, a six-digit numeric password would be far too weak. That’s why Alipay, which requires complex passwords, has Ping An Insurance for compensation, while WeChat Pay, which uses a six-digit numeric password, also has PICC Property willing to take responsibility for compensation. As for user experience, try comparing the differences between complex passwords and six-digit numeric passwords yourself.
To understand this, please fully experience WeChat Pay first. Don’t be misled by news articles online; it’s not asking you to test the outdated process of purchasing paid emoticons three months ago. Instead, select “My Bank Cards” under the “Me” tab in WeChat. For your full experience, I recommend using a credit card linked to the bank’s WeChat service account, such as CITIC or China Merchants Bank. Then, experience how excellent the binding process is—you finally don’t have to input annoying English letters on your phone. After binding, try the currently sole additional function in “My Bank Cards”: mobile phone recharge. Use it confidently, with discounts and credit card points, unlike Alipay, which limits you to 500 RMB per month. After recharging for yourself, pull out your parents’ phone numbers from your contact list and recharge some money for them, feeling the process again. After recharging, go to the “WeChat” tab and check the payment notification sent by the credit card’s service account, recalling the public service function on the homepage of Alipay Wallet. Hmm, the difference is really noticeable (it should be noted that recharging will result in annoying pop-up windows and email harassment from QQ Shopping afterward).
There’s really no need to elaborate further; just try it out, and you’ll understand why WeChat Pay, despite having no advertisements or promotions, has made Alipay executives so nervous. Borrowing Fenng, the author of Rumor Mill's words, "WeChat Pay is insanely good. Alipay must be trembling right now, KPI slaves!"
Still haven’t discovered the key point? During the WeChat Pay process, the act of payment reverts back to you paying with your credit card rather than paying via a third-party payment platform. Apart from one confirmation SMS, it has nothing to do with Tenpay. This payment flow finally resembles Amazon's—a bit like wanting to buy something here, pulling out your credit card is enough, checking whether it’s Visa or MasterCard at most, and there’s absolutely no need to add a third-party payment between the buyer and seller.
This makes sense; third-party payments based on e-commerce are essentially just the mall's cash register. Later, the cash register became powerful, chasing you around outside the mall to provide services, which is a uniquely Chinese model. Foreign e-commerce platforms don’t operate this way—Amazon doesn’t, and neither does Apple AppStore. Actually, if you carefully study foreign internet companies that engage in both e-commerce and finance, you’ll reach a seemingly incredible conclusion: third-party payments like Alipay aren’t necessary. For example, Rakuten in Japan is a great example of an e-commerce company engaging in finance. On one hand, it has Japan’s largest e-commerce platform, Rakuten Ichiba; on the other hand, it has Rakuten Bank issuing Rakuten credit cards. However, Rakuten doesn’t have a "Rakuten Treasure" providing payment settlement services. About 70% of online payments in Japanese e-commerce are directly handled by credit cards, with the rest being cash-on-delivery, requiring no prevention of fraud from sellers. Rakuten focuses on developing its e-commerce business, while Rakuten Bank focuses on developing credit cards and personal loans. The cash register of Rakuten Ichiba won’t replace Rakuten Bank, nor does Rakuten Bank need to be bound into Rakuten Ichiba as a cash register. Of course, Alipay and Tenpay have value domestically, but this value doesn’t appear to be a universally applicable business model. If our commercial credit environment improves due to "big data" and similar buzzwords, wouldn’t the role of the e-commerce cash register become dispensable like Rakuten Ichiba? Anyway, I think this goal is worth striving for, and it perfectly aligns with the vision of "making doing business easy everywhere."
Therefore, I believe the future of payments will look like WeChat Pay today. Consumption will simply involve pulling out your credit card to settle the bill, with banks lending you money to consume, and no need to worry about whether the money you prepare for consumption should be invested in a money market fund. Finally, a six-digit numeric password will handle everything, without all those messy intermediate steps. If this were true, WeChat Pay would trap other competitors in a vicious cycle: those daring to emulate WeChat Pay by cutting off other clients absolutely wouldn’t have WeChat’s massive user base; those with a user base comparable to WeChat absolutely wouldn’t dare cut off their other clients. As for Tenpay? Come on, there’s still Mobile QQ, isn’t there? Tenpay, which ranks second in online payments, is naturally linked to QQ accounts. Want to compete with WeChat Pay? First consider whether you can pass this hurdle. With the halo of a ticket to board the ship, WeChat isn’t in a rush to make money under the ship.
Finally, it’s time for complaints. Mr. Pony Ma, why are you so stingy with WeChat Pay? Binding a credit card to WeChat actually deducts a penny! A penny, do you know what this huge sum can do with the other two giants? Alipay encourages you to repay your credit card and gives you a penny to feel the difference. Baidu is even more sincere; recently, a penny could buy you 5 yuan worth of mobile phone credits and 1000 yuan worth of coupons. Compared to these, how embarrassing is T (Tencent)? As a billion-dollar company, shouldn’t you promote sales with real money? I’ve already thought up the promotional method for you. Recharge your phone number linked to WeChat at a 10% discount using WeChat Pay! The 10% difference goes to marketing costs, buying into... oh, wait, it's not points, it's Color Beans. The system automatically deposits the corresponding Color Beans during WeChat Pay, offsetting 10% of the phone bill in the backend. The difference settled with China Mobile, China Unicom, and China Telecom can also serve as a plum position for the key figures controlling the critical path. Hmm, everyone benefits, doesn’t it? (Applause required here.)
Thank you, everyone! End of episode!