178 Significant WeChat Statistics: 2024 Market Share & Data Analysis

WeChat was released in 2011 by parent company Tencent. Its original name was Weixin, which in Chinese literally means ‘micro message.’ The product is known to be the app for everything in China, thanks to its wide variety of uses. In essence, the application is a multi-purpose platform most popularly known as a communications software tool. However, it is a comprehensive program with a feature set that includes modules for mobile payment and social media.

Because of concerns due to its Chinese ownership, there have been attempts to ban the application—mostly by former United States President Donald Trump. Today, however, the US, with the new Biden administration, is distancing itself from the WeChat ban. In this article, we will get to know more about what this “app for everything” can do. Also, we will get to know more about the company behind it and its financials. Moreover, we will learn of the benefits and disadvantages that the proposed ban on the app might bring.

1. General WeChat Statistics

WeChat is one of the most popular platforms in the world, especially in China. Unlike many messenger applications, WeChat offers a wide variety of functions from ecommerce to access to integrated applications called Mini Programs. This is why it is a big part of the everyday lives of Chinese citizens.

• WeChat has a three-pronged connected ecosystem for consumers: (1) WeChat, the messaging app, (2) WeChat Pay, the FinTech service, and the (3) Weixin Mini Programs. (Tencent, 2021)
• The messaging service, WeChat, had 1.2 billion monthly active users (MAU) as of March 2020. (Tencent, 2021)
• In China, WeChat Pay (locally known as Weixin Pay) touches almost all aspects of everyday life. The product, internationally, has a presence in 60 markets and offers support for 17 currencies. (Tencent, 2021)
• Its Weixin Mini Program provides tools for individuals and businesses to connect with each other. They are mini-apps that run on the Weixin/WeChat platform. As of March 2020, there are three to nine Mini Programs available on the platform. (WeChat Wiki, 2020)

China’s Number One

• As of November 2020, WeChat is the top app when it comes to the number of MAU with 992.96 million. (Analysys, 2020)
• This is followed by Taobao (827.89M), Alipay (797.74M), QQ (753.66M), and Douyin (640.43M). These round out the top five apps in China. (Analysys, 2020)
• Ranked sixth to ten are iQiyi (630.76M), Pinduoduo (596.39M), Tencent Video (528.11M), Gaode Map (469.52M), and Baidu Map (450.54M). (Analysys, 2020)
• Tencent owns two of the top 10 apps in the Chinese market. (Analysys, 2020)

Tencent Company Profile and Statistics

WeChat and its auxiliary functions are just part of Tencent’s overall offerings. The company, mainly in tech, also has other ventures. These include a foray into the big screen with films like Warcraft, Wonder Woman, and Venom. Moreover, it also hosts popular games, including Call of Duty Online and League of Legends.

• In 2020, it was the eighth largest company globally with the largest market capitalization of $509.7. (Forbes, 2020)
• The company has been growing, not just in terms of revenue, but also in size. In 2008, the company had only 6,194 employees. By 2018, the number grew to 54,309. This is a 776.8% growth in just 10 years. (Tencent, 2021)
• In 2019, Tencent had around 62, 885 employees. Growing by 15.79% YoY. (Tencent, 2021)
• By 2020, the number grew again to 85,858. This is another 36.5% growth. (Tencent, 2021)
• The company is known to be one of the most innovative businesses. As of November 2020, Tencent has 2,809 active patent families when it comes to data security. It ranks fifth among (1) IBM, (2) Microsoft, (3) Huawei, and (4) Samsung. (LexisNexis PatentSight, 2020)
• This is evidenced by the increasing annual R&D expenses, reaching 38.97 billion Yuan in 2020, which is equivalent to around $6 billion. (Tencent, 2021)
• In 2016, the company only had north of $1.84 billion for R&D expenses. This is a 226% increase in a span of just four years. (Tencent, 2021)

Number of WeChat Ecommerce Employees with Projections* (iResearch, 2021)

• 50 million – 2018
• 60 million – 2019
• 130 million – 2020*
• 200 million – 2021*
• 260 million – 2022*
• 330 million -2023*

2. Financial Performance: Tencent and WeChat

With investments both foreign and domestic, Tencent has been raking in tremendous profits for many years. Tencent Holdings has invested in many foreign companies. Some of them, Tencent owns fully. These include a 100% stake in Riot Games, 17.66% of Netmarble, 5% of Ubisoft, and 5% of Activision Blizzard. It might not be one of the largest companies in the world, but it is a big player. Check out these WeChat statistics.

• Since 2018, Tencent, the parent company of WeChat, has made around 50% of its revenue from value-added services. This is its core business segment and has been bringing in the biggest share of revenue since 2015. (Tencent, 2021)
• In the last three years, from 2018 to 2020, its second-biggest business segment when it comes to revenue distribution is Fintech and business services. It recorded shares of 26%, 28%, and 29%, respectively for the three consecutive years mentioned. (Tencent, 2021)
• Moreover, in the same year, the company made 264.21 billion Yuan from its value-added services like games and Mini Programs. This is equivalent to about $40.45 billion. (Tencent, 2021)
• Also, the company pulled a revenue of around $19.61 billion from its FinTech and business services. (Tencent, 2021)
• In the same year, the company recorded $12.79 billion from online advertising and around $1.96 billion in other services. (Tencent, 2021)

Tencent’s Financial Position

Tencent’s financial position is secured with many investments across the globe and revenue streams. In the next following sections, we will delve into the details, including its assets, liabilities, and equity. And WeChat statistics show that the company is in a very healthy position.

Non-Current Assets (Tencent, 2021)

• $9.16 billion – property, plant, and equipment
• $2.46 billion – land use rights
• $1.97 billion – right-of-use assets
• $756.06 million – construction in progress
• $89.24 million – investment properties
• $24.4 billion – intangible assets
• $45.55 billion – investments in associates
• $1.17 billion – investments in joint ventures
• $25.4 billion – financial assets at fair value through profit or loss
• $32.61 billion – financial assets at fair value through other comprehensive income
• $3.77 billion – prepayments, deposits, and other assets
• $612.32 thousand – other financial assets
• $3.26 billion – deferred income tax assets
• $4.84 billion – term deposits

Current Assets

• $124.6 million – inventories
• $6.88 billion – accounts receivable
• $6.17 billion – prepayments, deposits, and other assets
• $173.43 million – other financial assets
• $1 billion – financial assets at fair value through profit or loss
• $10.48 billion – term deposits
• $385.76 million – restricted cash
• $23.39 billion – cash and cash equivalents

Assets Summary

• Non-current assets stand at $155.49 billion. (Tencent, 2021)
• Current assets sit at $48.62 billion. (Tencent, 2021)
• Total company assets, as of December 31, 2020, are worth north of $204.12 billion. (Tencent, 2021)

Equity

Total Equity Attributed to Equity Holders of the Company

• N/A – share capital
• $7.46 billion – share premium
• -$675.388 million – shares held for share award schemes
• $18.54 billion – other reserves
• $82.42 billion – related earnings

Non-Controlling Interests

• $11.33 billion – the total equity from non-controlling interests. (Tencent, 2021)

Equity Summary

• The total equity attributed to the equity holders of the company is $107.76 billion. (Tencent, 2021)
• Add this to the total equity from non-controlling interests, the total equity of Tencent, as of December 2020, is north of $119.1 billion. (Tencent, 2021)

Liabilities

Non-Current Liabilities

• $17.16 billion – borrowings
• $18.68 billion – notes payable
• $1.51 billion – nong-term payables
• $1.41 billion – other financial liabilities
• $2.45 billion – deferred income tax liabilities
• $1.56 billion – lease liabilities
• $1.02 billion – deferred revenue

Current Liabilities

• $14.39 billion – accounts payable
• $8.31 billion – other payables and accruals
• $2.18 billion – borrowings
• N/A – notes payable
• $1.86 billion – current income tax liabilities
• $328.86 million – other tax liabilities
• $852.19 million – other financial liabilities
• $585.07 million – lease liabilities
• $12.67 billion – deferred revenue

Liabilities Summary

• $41.19 billion is the company’s total current liabilities as of December 31, 2020. (Tencent, 2021)
• Total non-current liabilities for the year 2020 are $43.82 billion. (Tencent, 2021)
• Tencent’s total liabilities for 2020 amount to more than $85.01 billion. (Tencent, 2021)

Total Equities and Liabilities

• The total equities and liabilities of Tencent for the year 2020 are $204.12 billion. (Tencent, 2021)

Profit and Total Comprehensive Income of the Year 2020

• Tencent posted a $24.51 billion profit for the year 2020. This is a whopping 66.99% of 2019’s $14.67 billion. (Tencent, 2021)
• The total comprehensive income posted by the company was $43.04 billion. This is $12.44 billion more than 2019’s $30.6 billion. Also, this is a YoY growth of 40.65%. (Tencent, 2021)
• For the comprehensive income of the company, 99.81% at $42.53 billion are attributable to equity holders. (Tencent, 2021)
• Only about 1.19% is attributable to non-controlling interests with a value of only $511.13 million. (Tencent, 2021)

3. Usage and User Statistics

In this section, we will take a look at WeChat user statistics. And, as a Chinese-based service, its Chinese market holds the lion’s share of its user base. And, the app is undoubtedly part of the everyday lives of millions of users in the country. This is especially so when it is a big player in social shopping on a global scale as recent social shopping statistics show. Check out the numbers found in a WeChat statistics China report.

Projections of WeChat Users in China

• The number of WeChat users in 2017 was only 685.52 million. Come 2018, the number of users reached 783.3 million. (Statista, 2021)
• From 2017 to 2018, the number of WeChat users grew by 14.26%. (Statista, 2021)
• In 2019, the number again grew to 856.83 million. The user base grew by 24.98% in just one year. (Statista, 2021)
• By 2020, the number of users reached 904 million. And, in 2021, it grew again to 956.09 million with a growth of 5.76%. (Statista, 2021)
• By 2022, experts estimate the number of users to reach 995.65 million. And, only in 2023 will it break the 1 billion mark. (Statista, 2021)
• Moreover, by 2025, projections indicate that WeChat’s user base will grow up to 1.08 billion. (Statista, 2021)

Total Active Users in the World from Q4 of Every Year Since 2011 (Tencent, 2021)

• 50 million – 2011
• 160.8 million – 2012
• 355 million – 2013
• 500 million – 2014
• 697 million – 2015
• 889 million -2016
• 989 million – 2017
• 1.09 billion – 2018
• 1.16 billion – 2019
• 1.22 billion – 2020

Distribution of WeChat Users by Age (iiMedia Research, 2020)

• 33.5% – under 24 years old
• 25% – 25 to 30 years old
• 19.1% – over 41 years old
• 13.8% – 31 to 35 years old
• 8.6% – 36 to 40 years old

Key Usage Statistics (technologynewschina.com, 2021)

• 1.2 billion – monthly active users (MAU) of WeChat in 2020
• 400 million – WeChat Mini Program daily active users (DAU)
• 130 million – active users of WeCom, the business communication software with office collaboration features made by Tencent, in 2020
• 5.5 million – WeCom business partners in 2020
• 240 million – WeChat Pay Score users in 2020
• 1,995 – WeChat Pay Score business partners in 2020

Share of In-App WeChat Features Used by Retailers in China in 2020 (199IT, 2021)

As you can see in these statistics, WeChat Pay, the payment gateway software tool, is the most popular aspect

• 81% – WeChat Pay
• 53% – Mini Programs
• 42% – WeChat Service Accounts
• 29% – WeChat Subscription Accounts
• 27% – WeChat Enterprise

Leading WeChat Ecommerce Mini Programs in China by MAU (QuestMobile, 2020)

• 155.3 million – Pinduoduo
• 142.64 million – Jingxi (JD Pingou)
• 76.75 million – JD
• 42.77 million – Vipshop
• 17.73 million – Walmart
• 12.73 million – Zhuanzhuan
• 12.72 million – Yunhuo Youxuan
• 12.18 million – Suning
• 11.78 million – Dangdang
• 11.08 million – Xiaomi Lite

Number of Monthly Active Users of WeChat Mini Programs from September 2018 to September 2020 (QuestMobile, 2020)

• 611 million – September 2018
• 743 million – June 2019
• 829 million – June 2020
• 832 million – September 2020

Penetration Rate of Mini Programs in China from September 2018 to September 2020 (QuestMobile, 2020)

• 65.5% – September 2018
• 78.6% – June 2019
• 86.9% – June 2020
• 85.4% – September 2020

Increase/Decrease in Transactions in January/February 2020 Compared to May 2020

• 199% – Change in transaction value in pre-pandemic January/February 2020
• 510% – Change in transaction value in COVID-stricken May of 2020

Projections for Gross Merchandise Value (GMV) of WeChat Ecommerce in China (iResearch, 2021)

As you can see in these statistics WeChat Statistics 2021 report, WeChat is on track to hit the $2 trillion mark by 2023.

• $221.91 billion – 2018
• $379.74 billion – 2019
• $798.08 billion – 2020
• $1.15 trillion – 2021
• $1.57 trillion – 2022
• $2.03 trillion in 2023

Distribution of WeChat Pay’s Offline QR Code Scanning Transaction Value in China by Industry (shanghyexinzhi.com, 2020)

• 42% – retail
• 20% – catering
• 18% – transportation
• 10% – education
  8% – healthcare
• 2% – government affairs

The number of Daily Active Downloads (DAU) of WeChat Mini Programs in China from 2017 to H1 of 2020 (WalktheChat, 2020)

• 160 million – 2017
• 230 million – 2018
• 330 million – 2019
• 440 million – H1 of 2020

4. International Penetration Rates

Tencent had always planned to have WeChat become a major player in the international scene. Remember, online payment is big in current ecommerce trends. And, before the pandemic and travel restrictions, it made its way into other countries because of Chinese tourists. In fact, it is the fourth most used payment method by tourists from China.

Payment Methods of Chinese Tourists While Overseas (iResearch, 2019)

• 70.1% – Credit Card
• 60% – Alipay
• 40.8% – Cash
• 35.2% – WeChat Pay
• 20.2% – Deposit Card

WeChat Penetration Rates in Chosen Countries

• In the United Kingdom, only 2% of the population uses WeChat regularly. The top application in the country is WhatsApp with 81% penetration rate. (Statista, 2020)
• Only 3% of the population in the Netherlands use WeChat regularly. The top messenger brand is WhatsApp with a 93% penetration rate. (Statista, 2021)
• In Brazil, only 2% of the population are regular WeChat users. The top messenger brand in the country is WhatsApp with a penetration rate of 99%. (Statista, 2021)
• Only 2% of German messenger application users are regular WeChat users. WhatsApp is also the top messenger application with a penetration rate of 94%. (Statista, 2020)
• In Italy, only 3% of the population are regular WeChat users. WhatsApp holds the lion’s share of the market with 82%. (Statista, 2020)
• Only 1% of Russia’s population are using WeChat regularly. The top messenger brand in Russia is WhatsApp with an 89% penetration rate. (Statista, 2020)
• The same goes with Finland. Only 1% of the population are regular WeChat users. (Statista, 2020)
• Spain has only 2% of its population that are regular WeChat users. (Statista, 2020)
• In Canada, only 6% of the population are regular WeChat users. The top application is Facebook Messenger with an 82% penetration rate. (Statista, 2020)
• Only 2% of France’s population claim to be regular WeChat users. The top messenger brand is Facebook Messenger with a 79% penetration rate. (Statista, 2020)
• In Australia, about 5% of the population are regular WeChat users. The messenger brand with the most users is Facebook Messenger with a penetration rate of 83%. (Statista, 2020)
• Lastly, in the US, only 3% of the population are regular WeChat users. The top application is Facebook Messenger with 88% of the population using it regularly. (Statista, 2020)

5. WeChat and the American Market

It is easy to think that banning WeChat in the US will have no repercussions. Contrary to what many people think, banning China-based apps might impact the US economy. The main reason for this is that the US economy has business interests in China. There are a lot of American businesses operating in the country. And, WeChat is vital in being successful in the Chinese market.

The Use of WeChat among American Companies Operating in China

• About 88% of American businesses operating in China use WeChat Work for communication. (AmCham Shanghai, 2020)
• Also, 77.5% of American businesses operating in China use WeChat to market to Chinese consumers. (AmCham Shanghai, 2020)
• Moreover, 76.8% of American businesses operating in China use WeChat to communicate with local government officials. (AmCham Shanghai, 2020)
• Only 28.6% of American businesses operating in China use WeChat Mini Programs to sell products. (AmCham Shanghai, 2020)

How Americans Feel About the Proposed TikTok and WeChat Bans

• About 29% of Americans feel that TikTok should be banned in the country. (Morning Consult, 2020)
• Around 33% of Americans do not want TikTok to be banned. (Morning Consult, 2020)
• 38% of Americans don’t have an opinion whether TikTok should be banned or not. (Morning Consult, 2020)
• Only 14% of Americans want WeChat banned in the country. (Morning Consult, 2020)
• 21% of Americans do not want WeChat to be banned. (Morning Consult, 2020)
• A significant 65% of Americans do not have an opinion whether WeChat should be banned or not. (Morning Consult, 2020)

The Perceived Impact of the Proposed WeChat Ban in American Companies Doing Business in China

• 88% of American companies feel that banning WeChat on all American citizens and companies in China will have a negative impact on operations. They believe that they will ineffectively communicate with local authorities and staff when the ban is put into place. (AmCham Shanghai, 2020)
• About 56.8% believe that they will lose competitiveness in the Chinese market. (AmCham Shanghai, 2020)
• Also, 41.5% think that they will incur a significant amount of revenue loss should the ban be approved. (AmCham Shanghai, 2020)
• Only a minority of 4.9% feel that a WeChat ban among US companies and citizens in China will have no impact on their performance. (AmCham Shanghai, 2020)

6. Most Popular Features of WeChat

WeChat is more than just a messaging app; it’s an all-in-one platform that integrates various functionalities, making it immensely popular among its users. Here are some of the most popular features that contribute to WeChat’s success:

• Messaging and Voice Calls: WeChat offers instant messaging and voice call services. Users can send text messages, voice notes, photos, and videos and make high-quality voice and video calls.
• Moments: This social feature allows users to share photos, videos, and updates with friends. It functions similarly to a social media feed, enabling interactions through likes and comments.
• Official Accounts: Businesses and organizations can create official accounts to connect with users. These accounts provide valuable content, customer service, and promotional information, allowing brands to engage directly with their audience.
• Mini Programs: WeChat Mini Programs are lightweight apps within the platform that offer various services, from shopping to booking travel. This feature allows users to access services without leaving the WeChat ecosystem.
• WeChat Pay: WeChat Pay enables users to make payments seamlessly for online and offline products and services. This feature has revolutionized mobile payments in China, allowing users to transfer money, pay bills, and even donate to charities effortlessly.
• Group Chats: WeChat supports group chats with up to 500 participants, making it easy for families, friends, and colleagues to communicate. Users can share updates, plan events, and collaborate on projects in these groups.
• File Sharing: Users can share files up to 100 MB, making WeChat a practical choice for sharing documents, presentations, and multimedia content with ease.
• Location Sharing: This feature allows users to share their real-time location with friends or family, particularly useful for coordinating meetups or ensuring safety.
• Health Code: In response to the COVID-19 pandemic, WeChat introduced a health code feature that enables users to verify their health status when traveling or accessing public spaces.
• Games and Entertainment: WeChat offers a variety of games and entertainment options. It allows users to play games and share scores with friends, enhancing social interaction through fun activities.

How WeChat Will Fare in the Future

WeChat will undoubtedly be strong and will continue to grow in China. Outside the country, it is likely that WeChat’s penetration rate in Western countries will increase as well. COVID-19 has slowed down WeChat’s growth because of travel restrictions not allowing for Chinese tourists to come over. But when the pandemic blows over, it is highly likely that WeChat, especially WeChat Pay, will make a more serious entry into other markets.

In fact, Europe is targeted as a key growth area. Before the pandemic, WeChat Pay became popular among businesses that cater to Chinese tourists. So, in 2019, the number of merchants carrying WeChat Pay increased by 3.5% in Europe. Europe accounted for around 11% of Chinese overseas tourism.

Moreover, the app has also been expanding in Dubai and India, mostly in the ecommerce arena. If you’d like more information about the global ecommerce industry, check out these ecommerce statistics.

Of course, because of data handling and information tracking fears, WeChat will not likely become a giant player in other markets. Still, expect an increase in penetration rates.

Key Insights

• Comprehensive Multi-Purpose Platform: WeChat is a versatile application known for its extensive range of features, including messaging, mobile payments, and Mini Programs that support various services and businesses.
• Dominance in China: WeChat is the leading app in China with over 1.2 billion monthly active users, integrating deeply into daily life through WeChat Pay and Mini Programs.
• Financial Strength of Tencent: Tencent, WeChat’s parent company, is a tech giant with significant investments globally, robust revenue streams, and a strong financial position with assets over $204 billion as of 2020.
• International Presence and Challenges: Despite its dominance in China, WeChat faces challenges in gaining traction in Western markets, with low penetration rates compared to local messaging apps.
• Impact on American Businesses in China: Many American companies operating in China rely heavily on WeChat for communication, marketing, and operations, highlighting the potential negative impacts of a ban on the app.
• Future Growth Prospects: WeChat is poised for continued growth, especially in China and potentially in Europe and other regions, as travel restrictions ease and international expansion resumes.

FAQ

1. What is WeChat and what features does it offer?WeChat is a multi-purpose app developed by Tencent, initially released as a messaging platform. Over time, it has evolved to include mobile payments, social media functions, and Mini Programs that support various services and businesses.
2. How significant is WeChat in China?WeChat is deeply integrated into the daily lives of Chinese citizens, with over 1.2 billion monthly active users. It is used for messaging, mobile payments through WeChat Pay, and accessing various services via Mini Programs.
3. What is the financial status of Tencent, the parent company of WeChat?Tencent is a financially robust company with a market capitalization of $509.7 billion in 2020. It has significant revenue streams from value-added services, FinTech, and business services, and holds extensive assets totaling over $204 billion as of 2020.
4. How does WeChat perform in international markets?WeChat has a low penetration rate in Western markets, with only a small percentage of the population using it regularly in countries like the UK, Brazil, and the US. However, it is more popular among Chinese tourists and businesses catering to them.
5. How do American businesses in China use WeChat?American companies in China heavily rely on WeChat for various functions: 88% use it for communication, 77.5% for marketing, and 76.8% for interacting with local government officials.
6. What are the potential impacts of a WeChat ban on American businesses in China?A ban on WeChat would negatively impact American businesses in China, with 88% of them believing it would hinder communication with local authorities and staff, and 56.8% fearing a loss of competitiveness in the market.
7. What is the future outlook for WeChat?WeChat is expected to continue growing, particularly in China. Its international expansion may gain momentum post-pandemic, especially in Europe and other regions where it has started to make inroads, despite ongoing concerns over data privacy.

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By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."