"But Tencent has the social users in the mobile market…In the short term, We Chat’s financial services will not have a tremendous impact on [the competition], but in the long run, the potential for growth is huge.” We Chat’s e-commerce potential already made headlines this year after the chat service generated about HK$ 673 million in online sales on Single’s Day, one of China’s biggest internet shopping festivals on November 11.
From the app description - Its a much improved anonymous chat application out there.
Chinese internet mainstays Biadu and Alibaba also have financial service platforms, respectively named Baifa and Yuebao, but neither command the 300 million active users that We Chat already enjoys.
Yi Huan Huan, deputy director of Beijing firm Hongyuan Securities, told reporters that We Chat’s large user base would help Tencant vie against its competitors to make inroads into the financial service market.
He has previously written on a wide variety of topics, including communist video games, Asian American start-ups and the history of dumpling restaurants in Taiwan.
You can follow him on Twitter @blummer102 " data-title="Jeremy Blum" data-html="true" data-template=" We Chat has already met success in China as the country’s most popular mobile messaging app, but the Tencent-owned service will soon expand its reach beyond the realm of smartphone communication to become a financial service platform.