Tencent Holdings is shutting down WeChat Pay Malaysia, its six-year-old local e-wallet service, to focus on serving Chinese tourists in the country.
The company announced that WeChat Pay Malaysia stopped registering new e-wallet users from August 1 and will discontinue its local payment services on September 1.
Users are advised to withdraw their funds by the end of this year, although special withdrawal arrangements will be available from January 1, 2025.
WeChat messaging services and the use of its mainland Chinese e-wallet, Weixin Pay, in Malaysia will remain unaffected.
Faced stiff competition from Touch ‘n Go
This move is part of Tencent’s strategic shift in Malaysia to prioritize “RMB-denominated cross-border payments,” aiming to help Malaysian businesses receive payments from Chinese visitors via Weixin Pay.
Tencent launched WeChat Pay in Malaysia in 2018 but faced stiff competition from local e-wallet providers like Touch ‘n Go, a joint venture with Chinese fintech giant Ant Group.
The strategy shift follows China’s post-pandemic recovery of outbound tourism and efforts to attract international travelers.
Tencent announced in May that Chinese tourists could use Weixin Pay in the Maldives, with plans to expand to 8,000 merchants by the end of the year.
The discontinuation of WeChat Pay MY’s local services will not affect Chinese tourists using WeChat Pay in Malaysia.
