HLnovel Chapter 569 Debate
Chapter 569 Debate
Alipay officially launched its QR code payment function last July.
To date, their number of offline partner merchants has exceeded 200,000, covering multiple high-frequency consumption scenarios such as catering, retail, transportation, and healthcare.
"Alipay's foray into mobile payments started a full year earlier than ours."
They have already established a complete offline merchant service system in Hangzhou and Shanghai, and user habits are rapidly developing.
If we don't follow suit, once this window of opportunity closes, WeChat will forever be in a passive position in the payment field.
I disagree with that assessment.
A shareholder representative sitting on the other side of the conference table spoke up.
His surname is Leung, he wears gold-rimmed glasses, and he is a partner at an investment firm in Hong Kong.
His Mandarin had a distinct Hong Kong accent, but his logic was very clear.
"Payment services are not Tencent's core competency."
We have a natural advantage in areas like social networking, gaming, and content creation.
However, payment involves financial regulation, risk control, bank cooperation, and merchant expansion, and each link has a high threshold.
Alipay is backed by Alibaba's entire e-commerce ecosystem, supported by Taobao and Tmall for transaction scenarios, allowing users to spend the money in their Alipay accounts on Taobao.
What does WeChat have?
Users chat and post on our platform; they won't suddenly change their habits and use our tools to pay at convenience stores.
Just as Ren Yuxin was about to retort, Lai Zhiming interrupted him.
"Mr. Liang, the problem you mentioned does exist, but I think your judgment is too conservative."
Lai Zhiming stood up from his seat, walked to the projection screen, and pointed to the big question mark on the PPT with his finger.
"WeChat Pay is not intended to replicate the Alipay model."
We have our own unique advantage – social attributes.
Users spend far more time on WeChat than on Alipay every day, chatting, sharing, and interacting there, making it a natural traffic portal.
If we embed payment functionality into WeChat's social scenarios—for example, allowing friends to transfer money directly, group chats to split costs, and Moments to purchase goods—user habits can be cultivated within our existing ecosystem.
"What about offline?"
Mr. Liang adjusted his glasses.
"The demand for online transfers and online payments does exist, but offline QR code payments are the real market for mobile payments."
Alipay has already been rolled out in Hangzhou and Shanghai. The transformation of merchant equipment and POS systems, as well as user education, all require huge investments.
What can we offer in return?
The meeting room was silent for a few seconds.
Tencent's Ma remained silent, leaning back in his chair, tapping his fingers lightly on the table, his gaze shifting between the shareholders who had spoken.
He turned his head to look at Fu Yibai, who was sitting to his right.
"Mr. Fu, what's your opinion?"
Fu Yibai turned to the last page of the bound meeting materials in front of him and then closed it.
"Mr. Liang's concerns are very reasonable."
Payment services are indeed not Tencent's traditional strength; financial regulation, risk control, and merchant expansion are real hurdles.
But I believe that these problems can be solved with resources and methods.
What truly determines how far a company can go is not the difficulties it faces at a particular stage, but whether it catches the wave of the times.
"The adoption of smartphones is happening faster than any of us anticipated."
Last year, the number of smartphones shipped nationwide exceeded 200 million units, and this year the number will only be higher.
Behind every smartphone lies a potential mobile payment user.
They chat, watch videos, play games, and shop on their phones; they've already started living on their phones.
Getting them to spend money on their phones is a natural process; it's not a market that needs re-education.
"Moreover, Alipay did indeed get a head start."
But the mobile payment market is so big that no single company can dominate it.
Eating, shopping, travel, healthcare, education, and entertainment—each of these vertical sectors represents a market worth hundreds of billions.
Alipay has the upper hand now, that's true, but WeChat also has features that Alipay doesn't.
"social contact."
Tencent's Ma added those two words next to it.
Fu Yibai nodded.
Yes, social.
Social relationship chains are WeChat's most core asset.
Every interaction a user makes on this platform strengthens their connection.
Red envelopes, money transfers, and group payments are all naturally part of social behavior.
What WeChat Pay aims to do is not to change users' habits, but to embed payment capabilities into their existing habits, allowing them to complete transactions without leaving the chat page.
This is an experience that Alipay cannot provide because its underlying logic is driven by transaction scenarios, not social relationships.
"So my opinion is very clear. WeChat Pay must be implemented, and it should be implemented as soon as possible."
Prioritize establishing online social payment scenarios, while simultaneously expanding offline merchant networks.
The initial investment will be substantial, but it's worthwhile.
Mobile payments represent the biggest infrastructure-level business opportunity of the next decade; whoever seizes it will grasp the gateway to the next era.