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Cards & Payments Financial Technology

Staff Reporter

, Malaysia

Published:

3 months ago

428 views

A balance withdrawal graphic posted by WeChat Pay Malaysia alongside its announcement that it is pulling back operations from Malaysia.

WeChat Pay Malaysia ceases e-wallet services

Payment services will cease on 1 September 2024.

WeChat's Malaysian e-wallet, WeChat Pay Malaysia, has pulled the plug on its services.

The e-wallet has stopped registration for new users beginning 1 August, and will discontinue payment services in Malaysia on 1 September, according to a statement posted on its official website.

WeChat Pay Malaysia cited “business strategy adjustment” as its reason for pulling outfits e-wallet services from the Malaysian market.

Users will be able to withdraw the balance in their e-wallets via the e-wallet portal until 31 December 2024.

Users could opt for a special withdrawal arrangement from 1 January 2025.

“It was a great honour to have your support throughout the years. We appreciate your understanding and apologise for any inconvenience caused,” WeChat Pay Malaysia said in its statement.

The company* now plans to "focus on RMB-denominated cross-border payments in Malaysia and continue to assist Malaysian businesses to tap into this fast-growing and dynamic market by enabling them to receive safe, secure, and convenient payments from Chinese visitors through Weixin Pay (or known as WeChat Pay)."

"We are also planning to work with local Malaysian e-wallets to enable cross-border QR payment interoperability for Malaysian travellers to China. We are working closely with all stakeholders to ensure a seamless and orderly transition," WeChat Pay Malaysia said.

*Statement added on 7 August 2024.

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