Wechat, China's leading social media and payment app, has added the central bank's digital currency to its payment services, according to local news media. The move aims to help expand the influence of the digital renminbi.
Wechat now applies the efficient payment function of a digital RMB wallet, making it the second payment service platform after Alipay to do so.
This function allows users to use digital renminbi to make payments on specific Mini Program and other software. The "wallet Rapid payment Management method" web page, a demonstration version of the digital RMB application, lists 94 accessible merchant service platforms at this stage, which now includes mobile Wechat. WeChat Pay can now use digital RMB payments in some apps, such as ordering meals and paying for income and expenditure details at McDonald's.
Customers must be authorized by digital RMB wallet network operators to match their mobile numbers bound to Wechat in order to win the rapid payment function of WeChat Pay wallet. Once excited, payments to sellers using the digital RMB can be carried out using the Wechat app. More integration is expected to be available slowly.
"Chinese customers are so constrained by mobile phones WeChat Pay and Alipay that it is impossible to persuade them to switch to a new mobile payment application," said Bao Linghao, an investment analyst at Trivium China, a strategic consultancy. "therefore, compared with acting alone, it is reasonable for the central bank to cooperate with WeChat Pay and Alipay."
Digital RMB, also known as e-CNY, has been launched in at least 26 provinces and cities in China. With the support of government electronic RMB handouts, the trading volume of this token has soared on Chinese online shopping platforms during the Chinese Spring Festival shopping season in 2023.
In December 2022, Alipay announced that it is connected to the digital RMB trial Internet, and users can trade digital RMB on the software provided by Alipay. The service platform includes Taobao, Shanghai Public Transportation, ele.me takeout, Youjuibao, Tmall, and Ma Xiansheng.
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Tue, 18 Apr 2023