TENCENT(HK:00700) Nan Fang Du Shi Bao·2026-01-18 16:16Core Insights - WeChat's cross-border ecosystem data reveals significant growth in cross-border transactions and user engagement in 2025, particularly in countries like Malaysia, New Zealand, and the UK [1][3]. Group 1: Cross-Border Payment Growth - In 2025, WeChat's cross-border payment services expanded to 78 countries and regions, supporting 36 currencies [3]. - The fastest-growing countries for transaction volume include Malaysia, New Zealand, the UK, Australia, and South Korea [3]. - The number of active overseas merchants using mini-programs increased by over 30% year-on-year [3]. Group 2: User Transaction Growth - In the second half of 2025, transaction amounts for three user categories saw significant growth: outbound Chinese users increased by over 60%, local overseas users by over 70%, and inbound users by over 50% [3]. - Monthly transaction volume in the transportation sector via mini-programs grew by over 140%, while the restaurant service sector saw a 50% increase [3]. Group 3: Regional Performance - Notable regional performance includes Malaysia with a monthly transaction volume surge of over 90%, Singapore with an 80% increase, and Italy achieving a remarkable 300% growth in monthly transaction amounts [3]. Group 4: International User Engagement - Foreign visitors to China using WeChat to bind overseas bank cards saw transaction volume more than double, with duty-free shop spending increasing sixfold [4]. - WeChat Pay's "outbound use" has expanded to support 29 overseas wallets, covering users in over 12 countries and regions [4].