WeChat Adds Support for e-CNY Payments with WeBank

e-CNY Payments

Instant messaging platform WeChat has integrated digital yuan payments in 23 regions, including Shanghai and Beijing, in partnership with WeBank.

Users should apply for accounts with Tencent’s WeBank before using the CBDC and before completing the transactions in the digital yuan.

Trivium China’s analyst, Linghao Bao, says that the consumers in China are loyal to WeChat or Alipay, and the partnership with the central bank was likely to have an impact.

China has remained ahead in the development of CBDC, which has attracted interest from countries like Canada, the United Kingdom, and the US.

More than $315,000 worth of e-CNY was reportedly traded during the 2022 Beijing Winter Olympic Games during the pilot phase of the currency.

Mobile and online payment service provider Alipay is another company seeking to implement payments in the digital yuan.

Source: Technode 

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