Beyond social networking, what other services does WeChat offer its users?

WeChat users can book and pay for taxis, share various forms of media, and find other users nearby. Tencent also launched an online bank called WeBank last year.

Telecom

WeChat owner’s profit soars

By Maria SantosChina

1 min readUpdated May 18, 2025Mar 23, 20156:00 AM

In this article (5)

WeChat parent Tencent says its profit soared 54 per cent in the year to December.

Tencent, which also owns instant messaging service QQ, says profit was boosted by breakthroughs in the technology behind online security and mobile payments.

With Facebook banned in mainland China, WeChat is one of the most-used social networking services and has a growing role in providing retail chains with eCommerce and brand marketing touchpoints with consumers in China and beyond.

Shenzhen-based Tencent reported a profit of 23.81 billion yuan (US$3.82 billion) on sales of 78.93 billion yuan, up 31 per cent year-on-year.

Chairman Ma Huateng said its social platforms QQ and WeChat continued to “innovate and grow”. More than 500 million people used WeChat as at the end of 2014 – 41 per cent more than at the end of 2013 – an astonishing figure for an app launched only in 2011.

Online game revenues rose 40 per cent to 44.76 billion yuan with social media revenue up 43 per cent to 18.56 billion yuan.

WeChat users can book and pay for taxis, share text, photos, videos and voice messages and meet strangers by shaking phones or searching for people located close by.

Last year, Tencent launched WeBank, an online bank which has no physical branches.

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What this means

Tencent's phenomenal profit growth shows the immense commercial use of integrated social platforms in China, a market where foreign rivals like Facebook are banned. WeChat, with its massive user base, is becoming indispensable for retailers seeking to engage consumers and facilitate e-commerce, as seen with partners like Alo Yoga entering China via Tmall. Its move into online banking with WeBank, combined with 40% growth in online gaming revenue, demonstrates Tencent’s successful diversification beyond messaging. This integrated ecosystem pressures brands to adopt WeChat's tools for market entry and expansion, rather than relying on traditional methods, or risk missing a critical customer segment. The next indicator of its retail impact will be the integration of WeBank's services into retail payment flows.

Maria Santos

Questions & Answers

What specifically contributed to Tencent's reported profit increase?

The company stated that breakthroughs in the technology supporting online security and mobile payments helped boost their profit. Online game revenues and social media revenues also saw significant increases.

How many users did WeChat have at the end of 2014, and what was its growth rate from the previous year?

At the end of 2014, WeChat had more than 500 million users. This represented a 41 per cent increase from its user base at the end of 2013.

What were Tencent's overall sales figures and their year-on-year growth?

Tencent reported total sales of 78.93 billion yuan. This figure represents a 31 per cent increase in sales compared to the previous year.

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