Wechat Day

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WeChat is a messaging and calling app that allows you to easily connect with family & friends across countries. It's the all-in-one communications app for text (SMS/MMS), voice and video calls, and files. MULTIMEDIA MESSAGING: Send video, image, text, and file messages. GROUP CHAT & CALLS: Create group chats with up to 500 people. October 11, 2017 Inside WeChat, News Data Report, National Day In celebration of the final day of China’s extended National Day holiday, the WeChat team presents our “WeChat National Day Holiday Data Report”: Which cities had the most people traveling abroad? What were the most popular destinations abroad for tourists this year?

The British fashion house Burberry was one of the first brands to launch a luxury children’s line for the holiday. Photo: Burberry WeChat

Children’s Day may be less known in the West, but in China, it’s a well established holiday, by both adult and kids. While we looked for new marketing campaigns, it seems like this year’s Children’s Day has received less spotlight than previous years, which means less competition for brands that actually create a thoughtful campaign. Below, three of the best examples based on their creativity, engagement, and execution.

Recommended ReadingHow Children’s Education Became the New Luxury Status for Chinese Parents
Wechat Day

Burberry

Daily

The British fashion house was one of the first brands to launch a luxury children’s line for the holiday. For this year’s Children’s Day, on a WeChat post, Burberry adopted the tone of a little kid, who claims their own independent spirit, “Whose kids are better than me?” and “I am going to choose what I wear every day!” both written in doodles. The featured products are the children’s version of their adult line, combining animal prints and their big letter logo (in Burberry’s streetwear defined fashion), including their classic trench coat, backpack in the shape of a teddy bear, logo scarf, and blue full suit. The end of the post featured a cute video of children decked out in Burberry, and a call to action button “buy for me.” The post attracted 36,000 pageviews and 144 likes, with readers commented “I wanna become a Burberry baby,” and “Nice ads, giving back children the right to choose.”

MCM

MCM surprised readers with the print of “Happy Children’s Day boys and girls” in bold, yellow font on WeChat. Once you swipe left, a list of products appear with various spring discounts, the lowest is down to 7 percent. Items include a teddy bear key chain ($172), a rabbit print wallet ($263), and large logo-covered bags. Once you click on the photo of an item, readers are direct to the product page and can purchase right away via WeChat Pay and AliPay. The post attracted 8,595 pageviews and 25 likes.

Recommended ReadingThe Top 10 Luxury Kidswear Brands Chinese Mothers Are Crazy About

Montblanc

Montblanc targeted their adult consumer this year on WeChat, using “discover your childish side” as the tagline of its post, encouraging its adult readers to zoom in to the details. Using similar animated techniques as MCM’s, once the reader swipes left, they can discover the details that were missing in the photo, a.k.a. the highlighted products — from special Beatles-themed pens ($945), cufflinks ($363), to a pair of earrings ($556). The post attracted 24,000 pageviews and 47 likes. At the end of the post, it asked readers to share a childish moment from their lives, and if selected, they would have a chance to win a gift for this holiday.

Key Takeaways:
— Use interactive element (swipe to left) to engage with your readers
— Link to your e-commerce store
— Ask your reader to share their personal stories

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A few days ago a small but potentially important new change on WeChat was quietly released without any official announcement (to date). There’s now finally a way to get around WeChat Pay’s yearly balance transaction limit and it seems that this is now WeChat’s first serious move to promote WeBank, which makes it a big deal.

Tencent’s smart way of driving small merchants and power users to start using WeBank (Tencent’s own internet bank). pic.twitter.com/G2HcsEgQMe

Wechat Day

— Matthew Brennan (@MattyBGooner) October 10, 2017

This article is pretty much a follow up from this tweet.

The trick: No more WeChat Pay limit

WeChat Pay currently has a yearly user balance transaction limit of 200,000 RMB (roughly 30,000 USD). For power WeChat Pay users and small businesses alike, this limit has caused some pain. Yet in the past few days, it seems a small but potentially important new change on WeChat was released without any fanfare. Upon reaching the 200k limit users will now receive this message:

Wait, what is WeBank?

WeBank (微众银行) is China’s first private commercial internet bank established in Dec 2014. Tencent owns30%. It focuses on small loans and investments, the average size of a WeBank loan is around 8,200 RMB (1,244USD).

Screenshots from WeBank’s App

Those users who choose to go in and set up a WeBank account after reaching their limit will get this message below.

The bad news: like virtually all of China’s online financial services right now, registration requires the input of a Chinese ID card number. Registration via passport number is not an option.

Why this small change could actually be a BIG deal?

Let’s look at things from a high level:

Stage 1

Before mobile payments started to become popular in China everyone was using either cash or their bank’s union pay credit or debit card to purchase things and pass on money to others.

Stage 2

WeChat Pay and Alipay gained traction with their mobile payment solutions. This system piggybacks off of the bank’s old Union pay system. Users link their bank card to the app and when they make a transaction through WeChat (most of the time) the money is being withdrawn for them by WeChat from their Union Pay bank card account.

The direct relationship between the bank and the consumer has been broken. As consumers, we now deal with WeChat or Alipay. Union Pay and the banks have been abstracted away and reduced to middlemen.

Wechat Daily Transfer Limit

Stage 3

Bye, bye traditional banks. We don’t need you anymore. WeChat and Alipay control the relationship with the customer. They find smart ways to incentivize users to open up accounts at their own internet banks and link those up instead.

Moving users over to WeBank is Tencent’s way of kicking the traditional banks out and controlling the entire chain. Of course, things won’t be that easy. More on this later.

We’ve been here before

WeChat has used similar tactics before to growth hack WeChat Pay usage. The WeChat wallet was launched in August 2013 and back in those very early days, they struggled to get users. It’s well documented that the ‘Lucky Money’ feature was the game changer in terms of gaining traction especially during the Chinese Spring Festival holidays of 2014 and 2015. Less well documented was this sneaky little move (see picture below).

Photo credit: WalktheChat

As pointed out a few years back on the ChCh blog. WeChat enforces a rule that you have to link a bank card in order to join or create groups of above a certain size (100 people). This move was less to do with government regulations regarding real name verification and more about growth hacking WeChat pay usage.

(read the full article here)

Conclusion: Catching Up With Alipay

This new move is just one of the recent ways that WeChat Pay is trying to make up ground with Alipay in terms of providing mobile financial products and services by leveraging WeBank. Another big one is WeChat’s Lingqiantong 零钱通 feature which allows users to earn daily interest on the balance left in their WeChat wallet, a very similar feature to Alipay’s massively successful Yu’e bao 余额宝.

And let’s not forget that Alipay also have their own online bank MYbank which has about 7 times more deposits. A comparison of WeBank and MYbank below:

Data: WeBank and MYbank 2016 annual reports

These guys are tiny compared to China’s state-owned big banks right now but with Alipay and WeChat supporting them it will be interesting to see how they develop in the next year or two.