CBDC accepted by WeChat China as a payment method
WeChat Pay presently has more over 1 billion active monthly users and exclusively accepts CBDC payments on specific applications.
According to local media sources, the nation's central bank digital currency (CBDC) has been integrated into WeChat's payment services. WeChat is China's top social networking and payment app. The action aims to increase the popularity of the digital yuan.
WeChat is now the second payment platform, after Alipay, to enable the digital yuan wallet's quick payment feature.
Thanks to this capability, users can now make payments on several WeChat mini-programs and other platforms using the digital yuan.
The "Wallet Rapid Payment Management" tab of the pilot version of the digital yuan program now offers 94 merchant sites that may be accessed, including WeChat.
Digital yuan payments are now supported via WeChat Pay on a number of applications, including those used to pay bills and place McDonald's food orders.
To successfully activate the WeChat payment wallet rapid payment feature, users must provide the operator of the digital yuan wallet permission to sync their WeChat-bound mobile phone number.
Once enabled, the WeChat app may be used to pay businesses that accept the digital yuan. It's anticipated that more integrations will progressively become accessible.
“Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app,” said Linghao Bao, an analyst at Trivium China, a strategic advisory firm. “So it makes sense for the central bank to team up with WeChat Pay and Alipay instead of doing it on its own.”
At least 26 Chinese provinces and localities are now conducting trials of the digital yuan, commonly known as the e-CNY. Due to government-sponsored e-CNY giveaways, the token experienced an increase in transaction volumes on Chinese e-commerce platforms during the 2023 Lunar New Year shopping season.
Users may now utilize digital yuan to make purchases on platforms supported by Alipay, like Taobao, Shanghai Bus, Ele.me, Youbao, Tmall Supermarket, and Hema, according to the announcement made by Alipay in December 2022.
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