WeChat Pay Malaysia to discontinue e-wallet service from 1 September

MALAYSIA: WeChat Pay Malaysia, the Malaysian entity of Chinese payment firm WeChat Pay, announced it will discontinue its e-wallet service in Malaysia from 1 September 2024.

This decision is part of a strategic business adjustment, the company stated on Friday (2 Aug).

Starting 1 August 2024, the registration for new e-wallet users will be halted.

Current users will have until 31 December 2024, to withdraw their e-wallet balances through the e-wallet portal.

Additionally, a special withdrawal arrangement will be available from 1 January 2025.

“It was a great honor to have your support throughout the years. We appreciate your understanding and apologize for any inconvenience caused,” the company expressed in its statement.

Despite the discontinuation of the e-wallet service, WeChat’s existing messaging service and other functions, including Weixin Pay, will remain unaffected and 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.

In response to inquiries from TNGlobal, WeChat Pay Malaysia clarified that the discontinuation of its e-wallet service will impact only local Malaysian users.

The company emphasized that this change will not affect Chinese tourists using WeChat Pay in Malaysia.

Malaysian users will still have access to diverse payment methods while spending in China.

Looking ahead, WeChat Pay plans to concentrate on two main areas: facilitating payments for Chinese outbound travelers and improving payment convenience for foreigners visiting China.

The company stated that it will shift its focus towards RMB-denominated cross-border payments in Malaysia.

“WeChat Pay Malaysia is a Malaysian Ringgit-denominated local e-wallet. With the adjustment of our business strategy, we will prioritize RMB-denominated transactions and continue supporting Malaysian businesses by enabling them to receive secure payments from Chinese visitors through Weixin Pay (also known as WeChat Pay),” the company said.

Additionally, WeChat Pay Malaysia is working on partnerships with local Malaysian e-wallets to introduce cross-border QR payment interoperability for Malaysians traveling to China.

The company assured that it is collaborating closely with all stakeholders to ensure a smooth and orderly transition.