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Tencent to decrease fees on WeChat payments for SMEs

Tuesday 8 March 2022 12:01 CET | News

China-based social media company Tencent has announced it plans to reduce the transaction fees for SMEs using WeChat payments system by 10%.

The reductions will apply beginning 1 September 2022, and extend up to 30 September 2024, the company added. In order to qualify for the reduction, merchants must meet classification standards for small and medium-sized businesses by China's Ministry of Industry and Information Technology.

Tencent will also reduce fees on money withdrawals from users' bank accounts, according to the statement. The policy follows similar moves from Chinese tech companies. On 2 March 2022 Ele.me, the food delivery service run by Alibaba, announced it would reduce its commission fees for merchants in areas affected by COVID-19.

Regulators also issued in February 2022 guidance for online food delivery platforms to reduce service fees to help lower operating costs for catering businesses, in order to promote a faster recovery from the pandemic in the services sector.


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Keywords: WeChat Pay, regulation, product upgrade, SMEs, Alibaba, delivery, ecommerce
Categories: Payments & Commerce
Companies:
Countries: China
This article is part of category

Payments & Commerce