China’s Tencent to lower WeChat payment transaction fees for SMEs

WeChat app is seen on a smartphone in this illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration

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SHANGHAI, March 3 (Reuters) – Chinese social media giant Tencent Holdings Ltd (0700.HK) will cut transaction fees by 10% for small and medium merchants using its WeChat payment system, the company said in a statement on Thursday. communicated.

The discounts will apply from September 1, 2021 and run until September 30, 2024, the company added.

In order to qualify for the discount, merchants must meet the classification standards for small and medium enterprises set by China’s Ministry of Industry and Information Technology.

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The company will also reduce fees on money withdrawals from users’ bank accounts, according to the statement.

The policy follows similar moves by Chinese tech companies last week.

On Wednesday, Ele.me, the food delivery service run by e-commerce giant Alibaba Group Holding Ltd (9988.HK), announced it would lower its commission fees for merchants in COVID-hit areas. 19.

Before that, rival delivery giant Meituan (3690.HK) also announced that it would cut its commission. Read more

The changes usually come after authorities launched a wave of regulatory tightening across a range of industries in China, with the consumer internet sector a frequent target.

Regulators last month issued guidelines for online food delivery platforms to reduce service charges to help reduce operating costs for restaurant businesses, to promote a faster recovery from the pandemic. in the service sector.

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Reporting by Josh Horwitz; Editing by Christopher Cushing and Kim Coghill

Our standards: The Thomson Reuters Trust Principles.

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