Jul 25, 2023·edited Jul 25, 2023Liked by Austrian China
Thanks for sharing! I downloaded the APK and followed the instructions. It asks for a credit card, then all of my personal info, then a photo of my passport, then a photo of myself. Now it says "ID photos are being reviewed". It feels exactly like signing up for Wise or Revolut.
It's interesting that you are not allowed to invest, gift money or build up a balance. The yearly limit for all payments is 7,500 euro. This matches with the idea that China is is discouraging inflow of foreign reserves.
In The Netherlands, Apple blocks banks from providing their own payment software, and forces them to use Apple Pay. Google sort of allows custom NFC clients, but makes them hard to use. So we ended up with a Google Pay / Apple Pay duopoly. I've always hoped WeChat or Huawei would provide a much needed 3rd player!
Let's hope so, but it seems as unlikely as China letting in Apple or Google Pay. It seems each group of overlords prefers to have its own payment system.
Update #1: After clicking on "Money" to generate your payment QR code, there is a drop down menu allowing you select the funding source, i.e. which credit card to charge. For small amounts WeChat Pay may process the payment without requiring you to enter your payment password (pass code).
Update #2: On Friday July 21st, one day after WeChat, Alibaba announced that it was also offering support for international cards. According to an article on Caixin Global published in late June, Alipay has a limit of 3,000 yuan per transaction instead of the 6,000 yuan limit which WeChat Pay has; however, this may be out of date. The other fees and limits (e.g. 60,000 yuan per account per year) seem to be the same. See https://edition.cnn.com/2023/07/21/tech/china-alipay-wechat-pay-international-credit-cards-intl-hnk/index.html. Customer Service: 0571-26886000.
Update #3: Alipay's foreign credit card scheme has a particularity which WeChat doesn't have: If you use method #1 (where you enter the amount manually), Alipay requires you to re-enter your three digit credit card CVV code to confirm the payment.
Update #4: Alipay cannot be used on Taobao to pay via foreign cards to avoid the 3% fee. This option is grayed out. You have to use Taobao's charging scheme as described in the article.
Thanks for sharing! I downloaded the APK and followed the instructions. It asks for a credit card, then all of my personal info, then a photo of my passport, then a photo of myself. Now it says "ID photos are being reviewed". It feels exactly like signing up for Wise or Revolut.
It's interesting that you are not allowed to invest, gift money or build up a balance. The yearly limit for all payments is 7,500 euro. This matches with the idea that China is is discouraging inflow of foreign reserves.
In The Netherlands, Apple blocks banks from providing their own payment software, and forces them to use Apple Pay. Google sort of allows custom NFC clients, but makes them hard to use. So we ended up with a Google Pay / Apple Pay duopoly. I've always hoped WeChat or Huawei would provide a much needed 3rd player!
Let's hope so, but it seems as unlikely as China letting in Apple or Google Pay. It seems each group of overlords prefers to have its own payment system.
Update #1: After clicking on "Money" to generate your payment QR code, there is a drop down menu allowing you select the funding source, i.e. which credit card to charge. For small amounts WeChat Pay may process the payment without requiring you to enter your payment password (pass code).
Update #2: On Friday July 21st, one day after WeChat, Alibaba announced that it was also offering support for international cards. According to an article on Caixin Global published in late June, Alipay has a limit of 3,000 yuan per transaction instead of the 6,000 yuan limit which WeChat Pay has; however, this may be out of date. The other fees and limits (e.g. 60,000 yuan per account per year) seem to be the same. See https://edition.cnn.com/2023/07/21/tech/china-alipay-wechat-pay-international-credit-cards-intl-hnk/index.html. Customer Service: 0571-26886000.
Update #3: Alipay's foreign credit card scheme has a particularity which WeChat doesn't have: If you use method #1 (where you enter the amount manually), Alipay requires you to re-enter your three digit credit card CVV code to confirm the payment.
Update #4: Alipay cannot be used on Taobao to pay via foreign cards to avoid the 3% fee. This option is grayed out. You have to use Taobao's charging scheme as described in the article.