Host cities of the winter sports event, including Beijing and Zhangjiakou in Hebei province, will also be added to the pilot area. Once the WeBank wallet is linked to a WeChat account, users can experience the new electronic payment method. Users who installed the e-CNY app developed by China’s central bank can set up an online wallet dedicated to the digital currency through WeBank (a virtual banking service provided by Tencent). The purpose was to provide the central bank with better oversight. Chinas digital currency, e-CNY, will co-exist with Alipay and WeChat Pay, a Chinese central bank official said. But that still leaves 200 to 300 million people that dont have access to modern electronic payment systems. The new electronic-payment method was made available on WeChat ahead of this year’s Beijing Winter Olympics in January when China was trying to sell its digital Yuan to the world through this international event. Since 2018, WeChat Pay and AliPay have been required to process barcode payments linked to bank accounts via UnionPay’s platform. And yes, we can often talk about the billion people in China that use Alipay or Wechat Pay, the 300 million downloads of the e-CNY app. This is another stride by the world’s largest messaging app which houses more than 1.2 billion users in a bid to boost the use of China’s new digital cash. One of the fastest-growing apps in China right now, by installs, is the central bank’s digital yuan wallet: 261 million individual users (as opposed to enterprises), about one-fifth of the. China’s capital city Beijing handed out 1.5 million to its citizens. Tencent’s super app has broadened regions for trialling its app payments with digital currency to include another 11 Chinese cities, including six cities in Zhejiang province who will be hosting the upcoming 19th Asian Games, which is set to kick start on 10 September 2022. In a first, efforts are underway in China to roll out its digital currency, eCNY through trials. Earlier reports also suggested that PBoC might set up a digital exchange in Beijing. However, so far, it has already conducted several large-scale trials in its advanced pilot stage. Transferring money by merely touching two phones together, without bank accounts or even an internet connection Such a fantasy could become a reality once e-CNY, Chinas digital currency, is launched. China’s e-CNY is expected to witness a full-fledged launch by February 2022. The PBoC has dropped hints about third-party interoperability but is still playing its cards close to its chest, this week distancing itself from a timeframe for the launch – despite the launch this month of pilots in at least five major cities.China moves closer to rolling out its digital Yuan with the latest push by WeChat. China has become the frontrunner when it comes to the global CBDC race. Coinciding with the digital wallet release, the People’s Bank of China unveiled its FinTech Development Plan (2022-2025) today, which shows the importance. News that the People’s Bank of China (PBoC) was set to ban the use of WeChat Pay and AliPay for money collection over the weekend shocked many observers who thought that this was the next front in Beijing’s assault on big tech by replacing the mobile payment platforms’ existing payment rails with the eCNY, China’s CBDC. He added that users “with different needs” would probably be able to “choose from a range of different payment methods,” and added that WeChat Pay and AliPay are already widely accepted in China – a fact that many believe will help the digital yuan’s spread and adoption.Īs previously reported, the state-owned China Telecom is widely believed to be cooperating with the central People’s Bank of China (PBoC), along with major state-owned banks and other state-owned telecoms giants.Īnd earlier this month, reported that experts both in China and beyond are expecting the PBoC’s token to work not only in conjunction with a number of Chinese banking apps, but also with WeChat Pay and AliPay – with WeChat operator Tencent and Alibaba (the operator of Alipay) believed to be working behind-the-scenes on the digital yuan. The eCNY is expected to eventually replace the payment rails offered by WeChat Pay and AliPay, the leading digital payment services in the country, Blockworks previously reported. Per JRJ, Jiang Wei, the chair of the China Telecom Blockchain and Digital Economy Joint Laboratory, established e-pay solutions like WeChat Pay and AliPay will “likely coexist for a long time” alongside the digital yuan. A China Telecom executive has hinted that the digital yuan and third-party payment apps will likely co-exist in the same financial ecosystem – although he stopped short of saying whether or not the forthcoming central bank-issued token would be interoperable with apps such as WeChat Pay and AliPay.
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