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WeChat now supports Digital Yuan payments

The leading social media messaging app for China has enabled digital Yuan (sCNY) payments through its platform. This service will be available in all 23 areas, including Shanghai and Beijing where China’s digital Yuan has been tested. This is after the messenger stated at the start of the year it would add digital Yuan payments.…

The leading social media messaging app for China has enabled digital Yuan (sCNY) payments through its platform. This service will be available in all 23 areas, including Shanghai and Beijing where China’s digital Yuan has been tested.

This is after the messenger stated at the start of the year it would add digital Yuan payments.

The digital Yuan, China’s Central Bank Digital Currency is in testing phase. WeChat, China’s largest messenger app, will allow users in the areas where the digital currency has been tested to transact with the CBDC. The CBDC will be distributed more widely if it is supported by an app that has over one billion users.

WeChat customers will need to open accounts at Tencent’s WeBank to be able to use the digital Yuan.

Digital Yuan Adoption in China

Aside from WeChat, Alipay in China, which is WeChat’s main competitor, has indicated that it plans to add Digital Yuan Payments. Alipay began exploring the possibility of e-CNY adoption 2021.

Linghao Bao, an analyst at Consultancy Trivium China, stated that Alipay and WeChat require a large commitment from the majority of Chinese residents. Therefore, the central bank would need to find a way to collaborate with these social media messaging giants for popularizing the digital Yuan.

China is far ahead of all other countries who have indicated an intention to explore CBDCs, including the United Kingdom and Jamaica, Canada, Israel.

More Chinese than 140million residents have opened digital Yuan wallets, with 10million being corporate accounts.

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