Tencent launched a digital bank card on WeChat called WeBank Card via WeBank, China’s first private commercial bank established. One of its major shareholders is Tencent.
Users can now complete the card setup in the comfort of home, without having to make a trip down to the bank to fill an application form. Users will no longer worry about losing the cards and the troublesome process they have to go through to get a replacement card.
Users can just login and register an account via the WeBank app, and create a new account card within 2 minutes. Moreover, this digital bank card is as safe as traditional bank cards, consisting of the basic functions including bank transfer, money deposit, consumption.
Tencent has totally integrated this digital bank card with WeChat, which is commonly used by 963 million monthly active users. The money in users’ WeChat accounts, and even other banks deposits, can be transferred to the WeBank’s account, and enjoy more than 4% annual interest rate.
For example, by depositing 50,000 yuan, the daily income earned is 5.80 yuan. In comparison, other banks only offer the consumer 0.41 yuan for the same amount of deposit, which means the user misses out on 1,967 yuan of interest annually. For the balance currently held in WeChat, the interest is 0%.
After the binding between WeChat account and the Internet bank card, users can directly use the money in the WeBank’s account.
In other words, users do not need to frequently change the WeChat payment method and no longer need to transfer money into WeChat account to transfer to others, users just need to link the WeBank card, and they will be able to easily manage their finances!
That’s right, through his own bank, Pony Ma achieved the most important feature: consumption and financial synchronization while earning money. Money is automatically deducted from the account if need be, and if there is no use for the money, the user can enjoy the benefits from the interests
REPORT: Mobile Payment Usage in China 2017