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China’s messaging app giant WeChat supports digital yuan payments

China’s messaging app giant WeChat supports digital yuan payments

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Answer China’s messaging app giant WeChat supports digital yuan payments

According to recent press coverage, China’s messaging app giant WeChat has enabled financial settlements via digital yuan (the digital yuan is the CBDC digital currency that it has worked on for years and was recently officially launched).

The service is available in all 23 regions where the new financial product is being tested, including Beijing and Shanghai.

According to for reports Recently, China’s largest messaging app, WeChat, allowed customers to facilitate transactions in digital yuan.

Users need to apply for accounts with WeBank from Tencent before using the CBDC.

The first indications of the initiative appeared at the beginning of the year.

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Adding such support from an app with more than 1 billion customers could significantly boost the distribution of the e-CNY digital currency to China.

Notably, WeChat’s main competitor in China, Alipay, has also focused on digital yuan payments.

The company began exploring the possibility of adoption in 2021.

Lingao Bao, an analyst at Consultancy Trivium China, argues that Chinese consumers are strongly committed to either WeChat or Alipay.

So it makes sense for the country’s central bank to seek cooperation with messaging app giants to popularize its digital currency.

While several countries such as the UK, Canada and Jamaica have announced their intentions to explore a potential CBDC issuance, China is far ahead of them.

The number of Chinese residents who have already opened digital yuan wallets has reached more than 140 million, of which 10 million are corporate accounts.

In addition, state authorities allowed the employment of the cash product during the 2022 Winter Olympics in Beijing.

More than $315,000 in electronic yuan was traded daily at the recent sporting event in China.

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