The addition of support for platforms like Alipay and WeChat comes in response to the muted adoption of the e-CNY as Chinese citizens have opted to continue to use the digital payment apps that they have grown accustomed to, including WeChat and Alipay.
According to the “Wallet Quick Payment Management” page on the digital yuan pilot wallet, there are 94 merchant platforms that can be accessed, including WeChat. The digital yuan, or e-CNY, is currently being piloted in at least 26 Chinese provinces and cities. WeChat reportedly has more than 1 billion active monthly users. The integration with WeChat enables users to make payments on certain WeChat mini-programs and other platforms, such as ordering food from McDonald’s or paying bills, using the digital yuan.
With the integration of the digital yuan wallet, WeChat has become the second major payment platform to do so after Alipay added support for the wallet in December. The integration of China’s central bank digital currency (CBDC) with its top social networking app was done in an effort to help broaden the appeal of the digital yuan, which has seen lackluster adoption thus far.
(Kitco News) - WeChat, the leading social networking and payment app in China, has announced the addition of the digital yuan to its payment services, according to reports from local media. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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