JAKARTA - WeChat, China's leading social and payment network app, has added a Chinese central bank digital currency (CBDC) to their payment services, according to local media reports. The move aims to expand the attractiveness of digital yuan.
Now WeChat supports the fast payment function of digital yuan wallets, making it the second payment platform after Alipay.
This feature allows users to use digital yuan for payments on several WeChat mini-programs and other platforms. The trial version of the digital yuan app "Money Wallet Fast Payment Management" currently lists 94 accessible merchant platforms, including WeChat.
WeChat Pay now allows digital yuan payments to certain apps, such as ordering food from McDonald's and paying bills.
Cointelegrahp reported, users must authorize digital yuan wallet operators to sync their WeChat mobile phone number to successfully activate the WeChat wallet fast payment function.
Once activated, payments to traders who support digital yuan can be made through the WeChat application. Additional integration is expected to be gradually available.
"China consumers are heavily locked in WeChat Pay and Alipay, unrealistically to convince them to switch to new mobile payment apps," said Linghao Bao, analyst at Trivium China, a strategic advisory firm. "So, it makes sense for the central bank to work with WeChat Pay and Alipay rather than do it yourself."
Digital yuan, also known as e-CNY, is being tested in at least 26 Chinese provinces and cities. The token experienced a surge in transaction volume on China's e-commerce platform during the 2023 Chinese New Year shopping season, assisted by the administration of e-CNY from authorities.
In December 2022, Alipay announced its access to the digital yuan acceptance network, allowing users to consume digital yuan on platforms served by Alipay, including Taobao, Shanghai Bus, Ele.me, Youbao, Tmall Supermarket, and Hema.
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