They could be losing money on 1.4 billion in transactions. Their super low transaction fees might indicate WeChat Pay is a loss leader.

That’s my point. Tencent intentionally hides WeChat in their financials. You assume it’s wildly profitable because Tencent is. Usually when a company tries to hide the financial narrative of a product it’s not because it’s doing great.

“We consider payment at this point in time as to [sic] infrastructure service rather than a service that generates profit for us. And I think that status will maintain for quite some time,” Martin Lau