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Douyin chinese douyin pay wechat pay2/27/2023 Social commerce isn’t just all about making your social feed or app the new Orchard Road or the next Pratunam Market. Known as MeetSG, the initiative allows Chinese MICE travellers to purchase tickets to leisure venues such as Gardens by the Bay, Sports Hub and Sentosa with WeChat Pay. In the same year, Instagram launched its checkout function, a feature that allows people to purchase products they discover on the platform without ever leaving it.Ĭloser to home, in a world first, the Singapore Tourism Board launched a WeChat Mini Program – a sub-application embedded within WeChat – targeting Chinese MICE (Meetings, Incentives, Conferences and Exhibition) travellers. Currently, users are able to pay for purchases on Facebook’s Marketplace, make peer-to-peer (P2P) payments and even donate to fundraisers. In 2019, Facebook launched Facebook Pay in the United States, which is being progressively rolled out across Facebook, Messenger, Instagram and WhatsApp. With such large user bases, these platforms are perfect for monetisation through e-commerce and digital payments. However, it is closely followed by other popular social media and messaging apps such as WhatsApp and WeChat with 2 billion and 1.2 billion users, respectively. When it comes to the battle of social media platforms, Facebook leads the pack with 2.8 billion monthly active users. It’s safe to say that there’s never a dull moment when it comes to the region’s Fintech scene! But once the dust has settled behind this latest wave of M&A activity, what will be the next frontier for digital payments? Not missing a beat, Gojek’s competitor Grab has been keeping busy by purchasing stakes in popular e-wallets such as Indonesia’s LinkAja. In APAC specifically, we’ve seen Facebook and PayPal join Google, Tencent, and other leading technology firms in backing Gojek, a popular Southeast Asian super app. Just over one year into the COVID-19 pandemic, it has been impossible to ignore the stratospheric growth of digital payment methods across the world.
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