How to open a WeChat Pay HK business account?

One of the most obvious advantages of operating a business in Hong Kong is an easier access to the Chinese market, reaching billions of potential consumers from the Mainland.

But running a business in Hong Kong you also understand that access alone indeed isn’t enough: you also need to make it easy and seamless for customers to buy from you! One of the most effective ways to do this is to offer payment methods they already know and trust. And, for Chinese consumers, that often means WeChat Pay.

While WeChat Pay offers tremendous opportunities for businesses in Hong Kong, you might find the process to apply for one account is often too confusing. Don’t worry, this one article will provide a comprehensive, step-by-step guide for Hong Kong businesses on opening and managing a WeChat Pay business account.

If you are looking for another alternative to manage money across borders – check out Wise!

Why Hong Kong businesses need WeChat Pay

Created by the tech giant Tencent, WeChat Pay is a digital solution to nearly every aspect of daily life in Mainland China – from paying for meals and shopping online to transferring money to friends and so much more. Transactions are entirely cashless and card-free; all you need is your smartphone to scan a QR code. Beyond making life more convenient for locals, the app also serves as a gateway for tourists and expats, who often find international payment methods like Mastercard or Visa less widely accepted in China.

In short, WeChat Pay has become one of the most dominant payment methods in Mainland China. Understanding the prevalence of WeChat Pay makes it clear for Hong Kong merchants to include WeChat Pay as a payment option – installing this digital wallet is a smart practice that helps reduce friction for Chinese customers and makes their shopping experience smoother and more satisfying.

Simply put, accepting WeChat Pay can unlock new customer segments and drive sales for your Hong Kong business!

Understanding WeChat Pay business accounts for Hong Kong

It is worth noting that WeChat Pay HK and WeChat Pay are entirely two different wallets. And funds cannot be transferred between these two wallets.

Yet in general, WeChat Pay HK is not too different from the Mainland version; it is a digital payment service built within the WeChat App – the only difference between these two is that the HK version is tailored specifically for the Hong Kong market. So the HK version mostly lets you settle in HKD, and you can also opt for cross-border payments; and your money is protected under Hong Kong’s financial regulations.

When customers use the mainland version of Wechat Pay to pay you, the app will let customers use RMB to pay, then WeChat Pay will convert RMB into HKD to settle with you¹.

What is WeChat Pay HK for business?

WeChat Pay HK also has two versions of its account: WeChat Pay HK personal and WeChat Pay HK Merchants account. As long as you are running a business that needs to receive payments from customers, you may qualify for a WeChat Pay HK merchant account.

As mentioned above, WeChat Pay HK allows its users to settle in HKD. A WeChat Pay HK merchant account can serve both local Hong Kong customers and Mainland China customers through cross-border payment functionality. But, in order to receive RMB from Mainland customers, you will firstly have to also integrate with WeChat Pay mainland, and connect to the cross-border payment function as well. And Wechat Pay will convert RMB into HKD to settle with you¹.

It is worth noting that receiving RMB - and enjoying auto conversion to HKD function - is only available to merchant accounts, not personal accounts. Therefore, if you use personal WeChat Pay HK as a payment method for your business, you won’t be able to receive the payment.

Benefits of WeChat Pay HK for business

Beside from accepting payment from mainland WeChat Pay users, let’s take a look of some benefits for a WeChat Pay HK for Business:

• Integrated with WeChat Pay Mainland: Businesses in Hong Kong can enjoy this feature after submitting the required documents to WeChat Pay. Once approved, businesses can directly receive payments made by customers without going through any other banks – saving you more money³.
• Fast transaction speed: To accept payment, businesses can either scan the customer’s QR code or display their own merchant QR code for the customer to scan. Payment then is processed instantly – and the money goes straight to the business account.
• High Integration to multiplatforms: Merging WeChat Pay to the existing payments in store, online, or via mobile. Use Wechat pay to receive payment across different customer touchpoints.
• Comprehensive marketing solutions and loyalty initiatives: businesses can also leverage the platform’s advertising and loyalty programs to boost their reach. Keep in mind that WeChat Pay is used by over 3.8 millions users² in Hong Kong alone – which is a significant audience base!

The WeChat Pay business account application process for Hong Kong businesses

Eligibility criteria for Hong Kong businesses to open WeChat Pay HK account

Businesses of any size can apply to become WeChat Pay HK merchants. However, they must also meet the verification requirement: the application must be submitted either by the business’s beneficial owner or by a duly authorized representative acting on their behalf. Applications submitted through accounts not belonging to the beneficial owner will not pass the platform’s review.

On top of that, in order to be eligible for WeChat Pay Cross-border Payment Service and receive RMB, the business must belong to a certain category provided by Wechat.

Required documentation

Generally speaking, you will be asked to submit these documents for a WeChat Pay HK business account:

• Company certification documents (e.g. Business Registration Certificate (BR), Certificate of Incorporation (CI))
• Bank account information (e.g. bank card/passbook copy, monthly statements within the last three months)
• Proof about the company's business and products
• Applicant’s identity documents
• Additional documents may be required for different types of business and/or legal entity and other factors.

Step-by-Step WeChat Pay HK account for business application guide

There are two ways to become a WeChat Pay HK merchant: Apply through WeChat Pay HK Payment Code app or apply via email. Here how you can apply with each method:

WeChat Pay HK payment code mini-program

If you just want a simple QR code to display on your store, you can apply through the “WeChat Pay HK Payment Code mini-program.” Follow these simple steps for an efficient application process:

1. Open your WeChat App to scan the QR code to access the application process²
2. Choose your business type and fill in some basic information about your business
3. Once approved, Wechat Pay HK staff will make a visit to your store to help you with the rest of the procedures
4. Post your QR code to collect payment

Email application

For any other type of payment needs, you can directly email to hkpayment@wechat.com together with these information

• Merchant Name
• Contact person
• Phone number
• Your Address
• Industry
• Number of operating stores
• Your preferred payment method (POS payment, QR Code payment code, or Online Payment)

Navigating fees: The WeChat Pay challenge⁴

WeChat Pay offers unparalleled reach, but you should also approach it with a clear understanding of the fee landscape. It is quite challenging to see the clear picture of WeChat fees for merchants because WeChat doesn’t really publish this information.

Hence, business should consult with WeChat Pay HK to understand the fee structure.

A WeChat Pay HK merchant account is undoubtedly a must-have for reaching Chinese customers, given its strong user base. At the same time, you should also look at platforms that support a wide range of currencies and provide the financial backbone to ensure that the opportunities unlocked by WeChat Pay can be managed both profitably and seamlessly.

In addition to Wechat Pay HK, you might consider adding Wise. With Wise, you can manage your money through a digital platform. With a single account, you can send and receive money overseas! Simply use the Wise app or any web browser to access your Wise account to manage your business finance, anytime and anywhere.

Registering with Wise can also be entirely digital - there’s no need for you to visit any physical branches. Plus, with Wise, you can receive 23+ currencies with just one account, including local account details for 8+ major currencies like HKD, USD and EUR. You can also send money to 140+ countries, tracking your payments in real-time! Similar to WeChat Pay, businesses can show the QR code for customers to pay with a card!

Ready to expand your reach with WeChat Pay and manage your international funds effortlessly? Open a Wise Business account today and start saving on currency conversion and transfer fees.

Learn more about Wise