WeChat – the fast growing instant messaging platform (Chinese competitor of WhatsApp) – is revealing its strategy on how to make money with their free app.
Over the last year WeChat has added several new functionalities to its instant messaging solution. These new functionalities make WeChat much more than just a free app to exchange messages. WeChat users can for example follow companies they like (as we know from Facebook).
WeChat is now enabling some of their corporate accounts to make online transactions with their customers via WeChat. McDonalds for example is offering their WeChat followers the option to buy an attractively priced coupon for an afternoon tea. WeChat will charge a fee over the transactional amount.
In addition to the the above McDonalds example, Tencent company head Pony Ma said that they’re also working on supporting mobile payments for services like taxis. Tencent is the mother-company of WeChat.