WeChat Payment has recently updated its fund transfer policy. Fund transfers or face-to-face payment using WeChat Payment is still free if the total monthly transfer is no more than 20,000 yuan (US$3,143.1). The excess part would take 0.1% transaction fee. However, WeChat red envelope is still free of charges.
Another third party payment mobile product from Alibaba, Alipay Wallet, is relatively loose in fund transfer policy. Daily transfers under 200,000 yuan (US$31,431.2) require no service fee though there is a 0.2% fee for transaction on desktop version of Alipay for real-time transfer and transfers delivered in two hours with a maximum of 25 yuan.
In order to resist the impact of the internet finance services, banks are positively reducing service charges to fight against third-party platforms. On September 21, China Merchants Bank announced that all individual customers make transfers by its online banking or mobile payment app are to enjoy free charges.
Also read: The Value of WeChat Official Accounts