WeChat’s ability to create a bustling payments economy echoes the general success of its parent company. In September, Tencent became China’s largest company by value, surpassing state-owned China Mobile, when it reported its third-quarter revenue: $6 billion, up 52% year over year. How much of that can be attributed to Wallet and WePay was not specified: WeChat, China’s most popular messaging app, makes money largely from online gaming, advertising, and selling sticker packs. But Tencent — which began with the instant messaging app QQ and is now pursuing artificial intelligence and electric cars alongside investments in a range of companies, including China’s dominant ride-sharing operation, Didi Chuxing — did cite WePay as a major reason for its “other” businesses’ growth, which increased $726 million in the third quarter, or 348% over the same period last year. According to estimates by HSBC, based on current tech company valuations, WeChat could already be worth more than $80 billion, about half of Tencent’s market capitalization.
Further down, there’s an excellent quote from Connie Chan (of Andreessen Horowitz) on WeChat’s electronic red envelopes: “This was money as a message.”