One of the leading social media messaging apps - WeChat - reportedly embraced e-CNY payment options.
One of the leading social media messaging apps – WeChat – reportedly embraced e-CNY payment options.
China’s messaging app giant – WeChat – reportedly enabled digital yuan settlements on its platform. The service is available in all of the 23 regions where the financial product is being trialed, including Beijing and Shanghai., the biggest messenger application in China – WeChat – allowed clients to facilitate transactions in digital yuan. Users need to apply for accounts with Tencent’s WeBank before employing the CBDC.at the beginning of the year.
It is worth noting that WeChat’s main competitor in China – Alipay – has also set its focus on digital yuan payments. The firm began exploring the possible adoption in 2021. Linghao Bao – an Analyst at Consultancy Trivium China – argued that Chinese consumers are heavily committed to either WeChat or Alipay. With that said, it makes sense that the nation’s central bank seeks to collaborate with the messaging app giants to popularize its digital currency.
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