Sendy is an international payment system for performing transactions with smart phones based on QR-code payment technology.
Besides developing its own payment service, Sendy is partners with a Chinese Corporation Tenpay Payment Technology Company Limited, which makes it possible for Chinese tourists visiting Russia to pay for products and services in retail business establishments through their WeChat e-wallets.
Currently WeChat’s user database is 936 million people with more than 480 million users actively using the Payment system WeChat Pay. They daily exchange the so called ‘red envelopes’, (i.e. small amounts of money transfers) and pay for products and services using WeChat Pay.
In order to make payments each user has his/ her own WeChat wallet where a unique QR-code (which is assigned to every new user of WeChat) is used to perform a payment operation. The code is dynamic and changes automatically 2 times a minute which provides a high level of security for the user’s wallet. The payment is made through scanning the QR-code of the seller or the buyer, after which a PIN number is asked for authorization, after which an instant money transfer takes place.
Nowadays practically any service can be paid through WeChat on the territory of China and gradually more and more products and services are becoming available for WeChat users outside of China as well.
The main and most popular features of WeChat Pay are:
- Red envelopes (Lucky Money, Hongbao) which allow to make transfers both to someone specific, as well as to the first person able to open the envelope you
- Payment for transportation (trains, planes, buses, etc.);
- Taxi services;
- Food delivery;
- Direct user-to-user transfers;
- Payment for utilities;
- Cinema tickets;
To pay for a certain product, the user opens the “Wallet” and clicks on “Quick Pay” and then the QR-code appears on the screen of the user’s smart phone, which the seller scans. Once the QR-code is scanned, the buyer receives the receipt stating the transaction has been successfully performed.
Currently WeChat is actively developing outside of China and thanks to being partners with the Sendy Payment System, Russia has become the 17th country where it is possible to use WeChat Pay services.