WeChat users will now be able to transfer money to their friends with a few taps on their mobile screen. Tencent is introducing a new transfer function in the WeChat Pay. This new function will allow users to transfer funds to friends and merchants using a password protected online system.
To use this new feature users have to add their visa or master card in the WeChat Pay application. After a successful transaction the user will be informed with a message and payer will also be able to select payment almost instantly.
For users who have not set a payment password will be limited to HK$200 in a single transaction or in a single day and monthly transfer limit is set to HK$500. Where a user with a payment password will be able to transfer HK$1,500 in a single transaction or in a single day and monthly transfer limit for them is set to HK$5000.
Norman Tam, head of Hong Kong and Taiwan Office, International Business Group, Tencent said, “Cashless living is not far away, and the ‘Transfer’ feature of WeChat Pay plays an important role in helping us achieve this vision.”
He also added “In future, millions of WeChat Pay users will be able to experience the speed and ease of WeChat Pay at convenience stores in Hong Kong. We’ll also continue to promote the development of the mobile payment ecosystem in Hong Kong by launching new payment services and features to enable truly cashless living.”
WeChat Pay has secured the stored value facilities (SVF) license which is issued by the Hong Kong Monetary Authority last month. And with the launch WeChat pay has become the latest mobile wallet provider in Hong Kong. They also have announced new features like support for Apple Pay and family accounts earlier this month.