robertogreco + messaging + mobile + money   1

WeChat’s world | The Economist
"China’s WeChat shows the way to social media’s future"



"As one American venture capitalist puts it, WeChat is there “at every point of your daily contact with the world, from morning until night”. It is this status as a hub for all internet activity, and as a platform through which users find their way to other services, that inspires Silicon Valley firms, including Facebook, to monitor WeChat closely. They are right to cast an envious eye. People who divide their time between China and the West complain that leaving WeChat behind is akin to stepping back in time.

Among all its services, it is perhaps its promise of a cashless economy, a recurring dream of the internet age, that impresses onlookers the most. Thanks to WeChat, Chinese consumers can navigate their day without once spending banknotes or pulling out plastic. It is the best example yet of how China is shaping the future of the mobile internet for consumers everywhere.

That is only fitting, for China makes and puts to good use more smartphones than any other country. More Chinese reach the internet via their mobiles than do so in America, Brazil and Indonesia combined. Many leapt from the pre-web era straight to the mobile internet, skipping the personal computer altogether. About half of all sales over the internet in China take place via mobile phones, against roughly a third of total sales in America. In other words, the conditions were all there for WeChat to take wing: new technologies, business models built around mobile phones, and above all, customers eager to experiment.

The service, which is known on the mainland as Weixin, began five years ago as an innovation from Tencent, a Chinese online-gaming and social-media firm. By now over 700m people use it, and it is one of the world’s most popular messaging apps (see chart). More than a third of all the time spent by mainlanders on the mobile internet is spent on WeChat. A typical user returns to it ten times a day or more."
wechat  2016  chat  china  money  mobile  messaging 
august 2016 by robertogreco

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