Harvard Business School professor of management Willy Shih, who co-authored a case study on WeChat, calls the transition to an electronic ID system a “predictable evolution.” Since WeChat requires users to register with their real names per government policy, it’s not a stretch to imagine that one day, WeChat may fully replace state IDs. WeChat will issue virtual ID cards, which individuals would use in lieu of physical state-issued ID cards. Now WeChat is poised to become China’s electronic ID system, state-run Xinhua reported in December. WeChat’s transition to an electronic ID system is a “predictable evolution”
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Overseas Chinese or anyone with family or relationships in China tend to download the messaging app in order to stay in contact since other American apps are banned. “WeChat becomes harder and harder for its users to opt out,” says Yuhua Wang, a former Shanghai resident who wrote a piece called “How WeChat grows into a huge part of our life,” for USC’s Annenberg School for Communication and Journalism. (Tencent is a content partner of The Verge in China.) WeChat’s dominance is aided by the government, which has censored Facebook Messenger since 2009, blocked the South Korean-owned Line app in 2015, and banned WhatsApp last year. State-run media and government agencies also have official WeChat accounts, where they can directly communicate with users. Last year, Tencent added mini-apps to WeChat, creating an app store of sorts: inside WeChat, you can play games, pay bills, find local hangouts, book doctor appointments, file police reports, hail taxis, hold video conferences, and access bank services. “There is nothing in any other country that is comparable: not LINE, not WhatsApp, not Facebook.”įounded in 2011 and owned by Tencent, WeChat has 902 million daily users, and about 38 billion messages are sent on the platform every day. “For all intents and purposes WeChat is your phone, and to a far greater extent in China than anywhere else, your phone is everything,” wrote Ben Thompson, analyst and founder of the blog Stratechery.
It may be hard for people outside of China to grasp just how influential WeChat has become there. Now, WeChat is poised to take on an even greater role: an initiative is underway to integrate WeChat with China’s electronic ID system. The app has been subsidized by the government since its creation in 2011, and it’s an accepted reality that officials censor and monitor users. Therefore, Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.China’s most popular messaging app, WeChat, has always had a close relationship with the Chinese government. All CFDs (stocks, indexes, futures) and Forex and cryptocurrency prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Cryptocurrencies are not suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading or investing in cryptocurrencies carries with its potential risks. Currency trading on margin involves high risk and is not suitable for all investors. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Risk Disclosure: Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals.
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