WeChat, one of China’s largest messaging app and payment services owned by Tencent company, will start supporting China’s digital central bank currency (CBDC) digital yuan.
Although it is not a well-known application globally, it is widely used throughout the country and has many services in it. WeChatby users “super appis called ”. WeChat, to its users messaging service mobile payment app Payment service with WeChat Pay offers.
since 2014 digital yuan China, which is working on it, has not yet implemented nationwide. The date of the nationwide rollout of the digital yuan is unclear, but Bank of China, the use of the digital yuan encourage is taking a number of initiatives. not long ago mobile wallet application of digital yuan the one which of e-CNY Announcing the pilot version, China has made it possible for users in some locations of the country to Bank of China CBDC will allow you to experience it.
also to over 1 billion users that WeChat supports the digital yuan nationwide adoption for a big role thought to play.
Mobile payments nationwide to Alibaba affiliate Ant group managed by WeChat Share and Alipay is in a dominant position. Alipay It started experimenting with digital yuan payments last year. Supporting and experimenting with the digital yuan WeChat Share and Alipay also mobile payment application of digital yuan of e-CNY seen as a potential competitor.
Consulting firm Trivium China analyst Linghao Bao, told CNBC about the subject;
WeChat Pay and Alipay are so popular among Chinese consumers that convincing them to switch to a new mobile payment app is hardly realistic. Therefore, it makes sense for the People’s Bank of China to try to do this together with WeChat Pay and Alipay instead of doing it on its own.
made statements.
China to capitalize on digital yuan this year Beijingwhich will be held in “2022 Winter Olympics” trying to get it ready before the event.
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