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WeChat launches digital wallet service in SA

WeChat launches digital wallet service in SA

Naspers and Tencent-owned mobile social and instant messaging platform WeChat has launched a digital wallet in South Africa, allowing users to send cash electronically and pay for services such as airtime and electricity.

Launched in South Africa in 2013, WeChat has registered over five million users in the country and seen off at least one competitor in the form of homegrown messaging app Mxit, which closed its door last month.

In a bid to increase usage and expand its operations, WeChat has launched a number of value added services of late, the latest being WeChat Wallet, which allows users to pay digitally for goods and services without the need for cash or a credit card.

The launch of the service sees WeChat steal a march on global firms such as Apple and Samsung, which have launched digital wallets in certain markets but have yet to roll out their products in South Africa.

"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," said Brett Loubser, head of WeChat Africa.

"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."

Users of WeChat Wallet can save up to three debit or credit cards verified by Visa and MasterCard on the platform. Users who do not wish to save card details can also top up their accounts with a balance in order to pay for goods and services.

WeChat Wallet has been rolled out in partnership with Standard Bank, in a continuation of the collaboration that in September saw the two companies launch an instant messaging service or the bank's customers.

"This service is just another way that Standard Bank is making banking a seamless part of our customers' daily lives," Kheta Mazibuko, Head of Personal Services at Standard Bank.

"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."

WeChat has been active in expanding the services available on it platform in recent months, in February investing in South African microjobbing platform M4JAM. M4JAM allows South Africans to complete small jobs for brands on their mobile phones in return for cash, with the service available via WeChat.

In February, meanwhile, the company launched Picup, a logistics service that allows users to arrange pickup and delivery of objects via their mobile phones. The company said the service - which is hosted entirely on WeChat - is aimed at removing the hassle of dealing with traditional courier firms.

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