Three hundred million chat users are about to get a mobile payment tool. This according to news site Sohu via Asian tech site TechNode. Developers from WeChat, a popular cross-platform chat tool in China, said the service will be launching a mobile payment product for its users soon.

WeChat is a part of Asian web portal Tencent. The new mobile payment service will reportedly be funded by connecting users to their accounts with Tencent's PayPal-like online payment processor Tenpay, the Sohu story said.

It's not clear from the article whether the payment program will be for peer-to-peer payments, m-commerce or in-store purchases. Last year, Tencent and WeChat announced they would be collaborating on several projects, including the development of QR-based mobile payment products for WeChat users.

WeChat also offers users a loyalty and discount card administered by Tencent's loyalty division, TechNode reported.

Read more about money transfer/P2P payments.