Mirae Asset Daewoo Launches WeChat Pay Simple Payment Service

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 15th that it has launched a WeChat Pay simple payment service targeting Chinese tourists.

After the amendment to the financial investment business regulations permitting securities companies to concurrently operate electronic payment gateway (PG) services was approved in December 2018, Mirae Asset Daewoo completed PG business registration and became the first securities company to enter the payment market. Mirae Asset Daewoo has been preparing to enter the global payment market by signing an official agreement with China's Tencent and officially opened the O4O simple payment platform ‘Shoot Pay (SHOOT PAY)’ through a partnership with fintech startup IMFORM.

The newly launched Shoot Pay is an app-to-app payment method that provides a direct transaction payment environment between customers and merchants. It features the omission of the previously complex merchant registration process of ‘contract-approval-review-POS installation’ steps, allowing free use without membership or annual fees simply by downloading the mobile (non-face-to-face) app.

In line with the simple payment trend, the fees are set at the industry's lowest level to reduce the burden on merchants, and various benefits are focused on increasing the income of small business owners, such as offering a special annual yield of 3% when using the settlement account through Mirae Asset Daewoo CMA.

Additionally, ‘Shoot Pay Merchant Kits’ and gifts are provided to registered merchants, and store information will be registered on the WeChat Tourism APP (mini program) and ‘WeChat Pay Gift Pack’ (discount coupons, etc.) to offer promotions aimed at attracting Chinese customers.

A Mirae Asset Daewoo official said, “We have launched the most competitive global simple payment service that can help both Chinese tourists and merchants,” and added, “Additional services providing various benefits to small business owners and customers are planned, and we expect to secure more than 10,000 merchants within this year, mainly in the Dongdaemun clothing market.”

WeChat is a Chinese mobile messenger with over 1 billion users and offers the simple payment service ‘WeChat Pay.’ WeChat Pay has become a routine payment method among Chinese people, and as the number of Chinese tourists visiting Korea increases, the use of the service is expected to surge.

This content was produced with the assistance of AI translation services.