WeChat, also known as “Weixin” in China, is a mobile social media app that has gained popularity all across the world. It was first launched in 2011 by Tencent Holdings, the largest internet company in Asia. Since its launch, it has rapidly gained popularity in China and all around the world. As of the second quarter of 2015, WeChat has reached 600 million active monthly users globally. Of the 600 million, a majority of its users reside in China.
All that being said, what is WeChat and why it so successful? As a communications app, it appears to be a combination of Facebook, Whatsapp, Skype, Twitter, Venmo, and Uber. You can message individuals or groups; additionally, pictures, texts, videos, or voice messages can all be sent in a user-friendly fashion. You can easily share articles and other internet content. You can also make statuses and picture updates called “moments” for everyone to see. However, it is not just a social media app used for communication amongst friends and family, it has been used by companies to advertise and connect with its customers.
WeChat’s uniqueness as a mobile app comes from its platform to consolidate microapps. You can connect with your bank, make payments for your utility bills, hail a taxi, or even get delivery service. “Basically anything you can think off, WeChat can do,” one user said. This is the direction WeChat aims to go. With the seamless integration of various services, WeChat is taking the Apple Inc. approach; providing all services in-house. Forbes Asia division has called the all-in-one model the “WeChat Ecosystem.”
Tencent Holdings has made investments in various independent mobile apps such that these services may then be integrated into WeChat. The taxi service integration comes from an investment into the leading Chinese taxi service app called Didi DaChe. Since WeChat launched its mobile banking service, allowing for users to connect their bank accounts to WeChat and thus simplifying eCommerce, it is projected to pose a serious threat to the leading online payment platform in China, Alipay.
In addition to spreading in the domestic market, Tencent Holding has pushed for WeChat’s growth globally. WeChat has a lot of competitors – popular messaging apps like Whatsapp, Line, Kik, KakaoTalk, and Facebook messenger all occupy similar niches. Regardless of these competitors, Tencent Holdings has built offices all around the world to spearhead the spread of WeChat into other countries.
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