Mirae Asset Daewoo Surpasses 1,500 Merchants for WeChat Pay Simple Payment 'ShootPay'

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 27th that the number of merchants using the WeChat Pay simple payment service "ShootPay" has exceeded 1,500 just three months after its launch.

The main merchants include Samjin Fish Cake, the complex shopping malls Art Malling and Save Zone, and the Dongdaemun clothing market, which are primarily shopping and food and beverage businesses frequented by Chinese tourists. It is analyzed that these businesses prepared payment systems for Chinese tourists in anticipation of the normalization of the COVID-19 situation.

A representative from Mirae Asset Daewoo explained, "The result of reducing the burden on merchants is due to the convenience of accepting WeChat Pay payments from Chinese tourists using the merchant's smartphone without a separate terminal, the ease of joining simply by downloading the ShootPay app without complicated registration procedures or fees, and the industry's lowest level of payment fees."

Mirae Asset Daewoo is preparing to launch the "WeChat Mini Program" service in May, in collaboration with the fintech startup "I Am Form," which allows local Chinese consumers to purchase products online.

The Mini Program is an app-in-app (APP IN APP) service that runs within WeChat, a messenger used by 1.1 billion Chinese people, without a separate download. It is a service closely integrated into the daily lives of Chinese people, including shopping, transportation, and finance. Through the Mini Program provided by Mirae Asset Daewoo, Chinese consumers will be able to purchase products from Korean businesses locally in China.

A representative from Mirae Asset Daewoo said, "We are preparing various services so that merchants can expand sales to Chinese customers not only offline but also online," and added that "it is expected to secure more than 10,000 merchants within this year."