Why Thailand must embrace the WeChat revolution
Thailand has been working hard to nurture its digital economy, with apps that combine communication with e-commerce becoming commonplace in the Thai market.
The holy grail of all-in-one apps, however, comes from China, in the form of WeChat.
From toddlers using WeChat’s internet-connected Mon Mon soft toy to send messages to their parents, to adults whose every daily connection can be made via WeChat, this app is changing the way Chinese consumers live, work, and shop.
Developed by tech giant Tencent five years ago, WeChat has 700 million users, making it one of the world’s most popular messaging apps.
These users rely on the app – which is known as Weixin in China – to simplify their personal and professional lives.
At work the app enables people to make free video calls, send multimedia files, and share their WeChat QR code in lieu of a business card. In their leisure time, WeChatters can make digital payments at ‘bricks and mortar’ stores, book taxis, buy cinema tickets, pay for family holidays and make appointments.
Perhaps the most impressive of WeChat’s achievements is that over half of its users have linked their bank cards to the app, showing just how much confidence they have in the app’s security.
Aside from the convenience that WeChat offers, what excites me most about these multi-channel apps is that they move us closer to being a truly cashless society – a goal which Thailand is avidly pursuing through the government’s National e-Payments system.
The first step in this is the banking system’s PromptPay service, which is due to launch next year and which will enable people to make online money transfers quickly and easily.
With apps like WeChat offering easy and secure access to e-wallets allowing users to make payments with their devices, it is no surprise that about 50 per cent of payments in China are now cashless.
Like China, Thailand has one of the highest rates of mobile penetration in the world.
Thai consumers are a sophisticated group of tech users keen to embrace apps that make their lives more efficient, and more social.
To date, WeChat has been used sparingly in Thailand, and mainly by those with links to China, but its popularity is increasing, while there is great potential for similar apps tailored to the Thai market.
I look forward to seeing what develops.
