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Seriously, the wallet thing is both amazing and terrifying. Apparently the only thing standing between me and sending all my worldly wealth to a wechat contact

• zhte415 11y ago
  > Seriously, the wallet thing is both amazing and terrifying. Apparently the only thing standing between me and sending all my worldly wealth to a wechat contact is a six-digit PIN. Indeed. My internet banking account (that my employer gives me) has the same PIN as internet password. Change the PIN at the ATM, and the internet banking password also changes. Change the internet PIN, and the ATM pin changes. Damn, they're the same. BUT... Do as locals do and maintains multiple bank accounts with different banks, and multiple credit cards with different banks. This is not unique to China, but is also the case here. And it doesn't come from internet security, just from 'this is how it has always been done' via various banking promotions and access to local branch (China's banking network is, by policy, branch and region based). But it works here. I know no one that even keeps all their money in the same account, let along allows access to the same account via WeChat. The big issue: WeChat is Tencent's bid to become a bank with full suite financial services. It will work against monoliths like Visa and MasterCard, even UnionPay. Because they don't bother with charging a transaction fee. What merchant doesn't like that?
  • walterbell 11y ago
    Without a transaction fee, where do they make money?