⛔️ Chinese conglomerate Tencent🇨🇳 suspends WeChat Pay operations in Malaysia🇲🇾

⛔️ Chinese conglomerate Tencent🇨🇳 suspends WeChat Pay operations in Malaysia🇲🇾

The company is adjusting its business strategy in Malaysia, focusing on cross-border payments in yuan.

➡️ WeChat Pay Malaysia stopped accepting new e-wallet registrations on August 1st and will cease offering local payment services starting September 1st of this year.

➡️ Why❓— The mega-conglomerate is shifting its focus from Malaysians to Chinese tourists and aims to make it easier for them to spend money in the country. Over the past six years, WeChat Pay has faced fierce competition from its local rival Touch 'n Go, which entered the mobile payment market a year earlier. It seems the competition wasn't evenly matched.

➡️ The company stated that users must withdraw their funds before the end of the year, adding that the WeChat messaging service and the use of the Chinese e-wallet Weixin Pay in Malaysia will remain unchanged.

➡️ Tencent for international users: They can now link their Visa, Mastercard, American Express, Discover Global Network, and JCB cards to WeChat Pay, issued by major international operators.

#news #Asia #China