Q 1: What is the transaction process?
After users use WeChat to pay for consumption, they will directly settle into the merchant's bank account through foreign currency.
Q2: What are the payment methods abroad?
Overseas payment supports a variety of payment methods, including WeChat official account payment, APP payment, code scanning payment and scanning payment.
On supervision and safety
Q3: What is the supervision of cross-border business of WeChat payment?
Domestic supervision: When cooperating with overseas institutions, WeChat Pay cooperates with the supervision of the Central Bank of China and the State Administration of Foreign Exchange, and strictly abides by the Guiding Opinions on Cross-border Foreign Exchange Payment by Payment Institutions and the Administrative Measures for Third Party Payment issued by the Central Bank of China.
Overseas supervision: WeChat payment cooperates with local supervision, abides by local laws and regulations, and strictly manages service providers and merchants.
For example:
In Hong Kong, if the cooperative organization is a member of the Hong Kong Association of Banks, the cooperative must abide by the regulations of the Association.
In Taiwan Province Province, cooperate with the regulatory requirements of Taiwan Province Financial Management Committee.
In Japan, cooperative institutions must hold a banking license or a fund transfer business license.
In Australia, you need to apply for relevant licenses and abide by Australian financial services laws and regulations.
Q4: How does WeChat payment guarantee the security of cross-border transactions?
Wechat payment has perfect security technology and risk control means, and strict financial audit will be carried out during the access process of merchants and service providers to ensure the transaction safety of merchants and users.
At present, there are five security prevention and control systems for WeChat payment, including quota control, risk control, channel encryption, anti-phishing on web pages and equipment protection. In addition, WeChat Pay also cooperates with PICC P&C in China to provide 7*24-hour full payment service for the cross-border business of WeChat Pay.
About merchant access
Q5: What audits do overseas merchants have to go through to access WeChat payment?
Overseas merchants who want to access WeChat payment need to undergo strict review. In the initial communication stage, it is necessary to conduct KYC and KYB (that is, know your customers and know your business) audits on businesses, and evaluate regional policies, business models and other information; Merchants can only enter the pre-trial stage after submitting the pre-trial form, account certificate, merchant qualification and cooperation agreement; After the risk control, financial and other audit procedures, the merchant number will be issued, and finally an agreement will be signed to start business. Different countries and regions have different policies, and they also need to communicate under specific ground lines.
Q6: How do overseas merchants access WeChat payment?
Access to WeChat payment requires four steps: submitting an application, reviewing materials, signing an agreement, and opening WeChat payment.
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