Tencent has announced that WeChat Pay Malaysia will be discontinuing its payment services starting September 1, 2024. This decision comes as part of a strategic business adjustment, which also includes halting new e-wallet user registrations as of August 1, 2024. The company has stated that current users will have until December 31, 2024, to withdraw their e-wallet balances. For withdrawals, users should log in to their WeChat accounts, navigate to the “Me” section, and follow the instructions under “Pay and Services” to complete the process. A special arrangement for withdrawals will be available from January 1, 2025.
Despite the discontinuation of e-wallet services, other WeChat functionalities will remain unaffected. Users can continue to use WeChat for messaging and other services. Weixin Pay, which facilitates payments in China, will still be available for Malaysians traveling there, as well as for Chinese tourists in Malaysia. This shift in focus aims to streamline Tencent’s payment services to align with its new business strategy.
Tencent’s adjustment emphasizes a focus on RMB-denominated cross-border payments, targeting the growing market of Chinese visitors in Malaysia. The company plans to enhance this segment by enabling safe and convenient payment options for Chinese tourists. Furthermore, Tencent is exploring collaborations with local Malaysian e-wallet providers to support cross-border QR payment interoperability, aiming to facilitate smoother transactions for Malaysian travelers to China.
For users needing assistance during the transition, Tencent has set up a dedicated customer service line at 03-2727 9797. The company is working closely with all stakeholders to ensure a seamless transition and address any concerns. The move marks a significant shift in WeChat Pay’s operations in Malaysia, reflecting broader changes in the company’s global payment strategy.
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