WeChat Pay Malaysia to Discontinue its e-wallet Service
Hey Payments Fanatic!
WeChat Pay Malaysia, a subsidiary of the Chinese payment firm WeChat Pay, will halt its e-wallet service in Malaysia from September 1, 2024, due to a strategic business shift. In a statement released on Friday, the company announced that it would stop accepting new e-wallet registrations from August 1, 2024.
Users will be able to withdraw their remaining e-wallet balances through the e-wallet portal until December 31, 2024. For those who miss this deadline, a special withdrawal arrangement will be available starting January 1, 2025.
WeChat's messaging service and other functions, such as Weixin Pay, will remain unaffected and will continue to operate as usual. Weixin Pay will still facilitate easy payments for Malaysians traveling in China and for Chinese tourists making payments in Malaysia.
Looking ahead, WeChat Pay plans to focus on two primary areas: enhancing payment convenience for Chinese outbound travelers and for foreigners visiting China.
Have a great start to the week!
Cheers,
Marcel
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