Will Legally Entering Indonesia in 2020, What is Exactly WeChat and Alipay?

TRIBUNBATAM.id - Fintech, a well-known payment from China, WeChat and Alipay, will legally enter Indonesia in 2020.

PT Bank Central Asia Tbk is an acquirer (service provider) that works with Alipay and WeChat to provide EDC (Electronic Data Capture) machines for each service using both digital payment channels.

Then, what exactly is WeChat and Alipay?

Both are giant digital payment systems used by almost 93 percent of users of digital financial services in China.

Alipay itself is a payment system owned by giant e-commerce from China, Alibaba. 

Quoted from Techgenix, Alipay was originally an escrow system on an online shopping site from China, Taobao.

Until then, Alipay continues to grow and its users increasingly benefit from making transactions.

It is difficult to find an equivalent comparison to be juxtaposed with Alipay and Wechat.

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Both can be said to be social networking systems like Facebook, which provides short message services, like WhatsApp, as well as other services such as PayPal, even Uber messaging services in one application. 

China is now the largest e-commerce market in the world. They account for more than 40 percent of the value of e-commerce transactions worldwide.

In 2020, Chinese consumers are expected to make transactions of up to 45 trillion US dollars through mobile payments.

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With the increasing cashless of the Chinese population, it means they are saving time.

With the existence of a digital payment system, people don't need to take the time to deal with banks. Expenditure calculation system even easier. 

In China, because there is no penetration and competition from outside such as by Visa, Mastercard, PayPal, Facebook, and WhatsApp, WeChat and Alipay are growing so extraordinary.

WeChat is a short message service from Tencent Group that has finally grown and provides payment services.

In China, WeChat is like a digital ID that will fill every aspect of everyday life.

Many features offered by WeChat include bill sharing to friends. 

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The WeChat service is like a social e-commerce which for Chinese millennials is more important than the wallet they have.

Although there are only 800 million Chinese people who use the internet, but more than 1 billion of the Chinese population who use WeChat.

Because, many of them have more than one account because of the limited number of contacts, which is 5,000 per account. (*) 

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