WeChat - Overseas Tuition Payment
The Chinese social media mega-giant WeChat has recently announced its new "Overseas Tuition Payment" option, as a new feature in their WeChat payment service. Although being a social media platform, WeChat's main source of revenue stream, however, comes from its mobile payment services.
Being a social media company under Tencent, a massive and dominant corporation, WeChat has all the capital and market share to have the bargaining edge to negotiate with five different international card issuing companies, to give the ability to cardholders outside of China, to make transactions using their WeChat Payment Service. This feature was launched back in October 2019 and is a huge improvement for the company and the Chinese economy as a whole; for it will allow thousands, if not millions of WeChat users to make transactions simply using only their phone numbers.
Aside from that, a similar cross-border payment feature was made by WeChat between China and Hong Kong, where WeChat users can now make transactions from China to Hong Kong, and vice versa. As a result, WeChat users can now make payments with their local currency, which will automatically be converted to the destination, foreign currency.
These new payment features were introduced by WeChat, mainly for Chinese students who are abroad, to have a new, more efficient, and convenient way to make payments such as tuition fees abroad, from China. This new payment system has already been implemented at the University of South Korea, where the parents of Chinese students can now transfer tuition fees directly from their WeChat accounts, in China, to the university using the WeChat payment service.
WeChat has gone a long way and has made very strong infrastructures to make transactions easier, between China and other countries abroad.