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You can use it to read news, send a real-time location to a friend or pay for a pancake at a streetside stall. The local competition has improved dramatically. It now offers services that exploit its vast customer database, including credit-scoring, digital marketing, and vetting visa applicants and users of dating sites.
WeChat offered speedier in-app news articles long before Facebook, developed a walkie-talkie function before WhatsApp, and made major use of QR codes well before Snapchat.
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This year, over m users both as individuals and in groups sent 32 billion packets of digital cash during the celebration. The QQ insiders came up with something along the lines of their existing product for the PC, but mix800 karaoke hook up team of outsiders came up with Weixin.
Sina Weibo, the Chinese equivalent of Twitter, has a built-in payments system and supports premium content, both features that Twitter lacks. Spotting the coming rise of the mobile internet, Tencent challenged several internal teams to design and develop a smartphone-only messaging app.
With revenue from payments, virtual goods and gaming, Chinese internet firms are also much less dependent on online ads than Western rivals. China is not some sleepy tech backwater that is ripe for Western conquer.
Morgan Stanley projects that by China will be conducting more online transactions than the rest of the world. That in turn led to explosive growth in group chats. Before the online dating app Tinder, people in China used an app called Momo to flirt with nearby singles.
How did Tencent take WeChat so far ahead of its rivals?
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This narrative is increasingly coming under fire, however, as a series of recent articles illustrates. Observe how Huawei, Xiaomi and Oppo have taken a big bite out of Apple, a series of successes stemming from savvy marketing and homegrown tech wizardry. Many Chinese grew up using QQ, a PC-based messaging platform offered by Tencent that still has over m registered users.
South China Morning reports that the Chinese government has unveiled plans to transform the country into a global cyber power in the next two decades.
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Before Venmo became the app for millennials to transfer money in the United States, both young and old in China were investing, reimbursing each other, paying bills,and buying products from stores with smartphone-based digital wallets.
It was clever of the firm to turn dutiful gift-giving into an exciting game, notes Connie Chan of Andreessen Horowitz, a VC firm.
It combines some of the most useful parts of chat services, social networks, mobile payment, even online maps. The Economist follows as: Express, was experimenting with the idea.
But that is not the same thing as coming in second to a fierce local competitor, especially one that had first-mover advantage in China. But it is not the only example.
Some Western tech companies, even the behemoths, are turning to Chinese firms for ideas. The answer lies partly in the peculiarities of the local market. China is now the world leader in e-commerce.
The Economist further examines how WeChat outcompeted its rivals by innovating and adapting to local needs: But then the Chinese imitator learned to think for itself. The increasing importance of mobile technology in Chinese society has led to remarkable innovations in the industry in recent years despite internet censorship.
From The Economistfor example: Of course, some U. Before the Amazon chief executive Jeff Bezos discussed using drones to deliver products, Chinese media reported that a local delivery company, S.
It also encouraged users to bind together into groups to send money, often in randomised amounts if you send 3, yuan to 30 friends, they may not get yuan each; WeChat decides how much.
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First of all, the Chinese market is not winner-takes-all. Alibaba kick-started Chinese e-commerce with the clever trick of holding payments in escrow, helping buyers and sellers establish trust. But this narrative is outdated.
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