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Over 100m users pay through Tencent’s WeChat and QQ

MORE than 100 million users had linked their bank cards with Tencent’s payment system through WeChat and QQ by the end of last year as they took advantage of the company’s promotions and e-hongbao activities, according to a statement yesterday.

It’s the first time Tencent has released a figure for its online payment operations.

Tencent has been working hard to establish a foothold and grab market share from Alibaba’s online payment affiliate by encouraging users to make small-sum payments or transactions through its WeChat or QQ app.

The company said it aims to better connect with offline service retailers and promote its payment service through various payment or shopping scenarios.

“We believe the strategy allows us to enjoy the growth opportunity of various sectors as mobile Internet has penetrated consumers’ daily lives,” Chairman and CEO Ma Huateng said in the statement.

In the fourth quarter of last year, Tencent’s share of the mobile online payment market was 8 percent, compared with Alipay’s 79 percent, said domestic research consultant Analysys International.

Alipay had over 500 million users at the end of last year.

By the end of 2014, WeChat’s monthly active users hit 500 million, up 41 percent year on year, according to the statement.

In the fourth quarter of 2014, Tencent’s net profit surged 51 percent to US$937 million. Its revenue climbed 24 percent to 21 billion yuan (US$3.4 billion), boosted by a 44 percent jump in value-added services.

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