WeChat provides three major services which are chat, which compromises of messaging, voice and video call capabilities. Wallet, which includes payment of bills,QR code payment and recharge. And finally third party services which includes online shopping,travel booking and food delivery.
WeChat experienced a huge growth in 2014 when they launched a new service called red envelope. What red envelope does is that it allows users send digital cash/currency to friends and family.
The new feature was the turning point for the instant messaging service, in just the first month of it launch, WeChat users growth skyrocketed. In 2017, the transaction carried out on red envelope reached $14 billion.(that some huge numbers)
As a matter of fact in 2017, WeChat overtook Alibaba with 600 million active users of it payment service compared to Alibaba’s Alipay.