WeChat Pay Is Becoming a Major Mobile Payment Solution in China
During May 2017, Chinese company Tencent unveiled its first quarter financial results. Its total revenues for 1Q 2017 were US$7.18 billion, an increase of 55% over 1Q 2016. Profit attributable to equity holders of the company was US$2.098 billion, an increase of 58% YoY. The revenue growth was broad-based, but shifted from traditional PC businesses to more smartphone-related businesses. Notably, the revenue from payment-related and cloud services grew dramatically to 224% YoY for 1Q 2017.
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