But WeChat and Alipay are also potential competitors to the digital yuan's own app. Tencent’s super app has broadened regions for trialling its app payments with digital currency to include another 11 Chinese cities, including six cities in Zhejiang province who will be hosting the upcoming 19th Asian Games, which is set to kick start on 10. In China, WeChat and Alipay, which is run by Alibaba affiliate Ant Group, dominate mobile payments last year, Alipay also began trialing digital yuan payments. China moves closer to rolling out its digital Yuan with the latest push by WeChat. Previously, users could get the app on an invite-only basis. Tencent WeChat supports e-CNY payment Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched. WeChat Pays main competitor in China and the market leader in online payments is Alibaba Groups Alipay. As of March 2016, WeChat Pay had over 300 million users. That will enable anyone in those areas to download and sign up to use the digital currency. WeChat Pay (Chinese: pinyin: Wixìn Zhfù) is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. Jingxi is an upgrade from its predecessor named JD.com Pinguo, which mostly targets Chinese female consumers and small-city shoppers with ultra low-priced items. This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. To date, the People's Bank of China, which issues the digital yuan or e-CNY, has done limited trials in certain cities via lotteries where the central bank has handed out small amounts of the currency to some citizens.īut there are now signs that the PBOC is looking to expand usage of the digital yuan, despite no concrete date for a nationwide rollout. WeChat Pay has over 800 million monthly active users. It can also be used for purchases online. WeChat Pay allows users to show merchants a barcode on their phone to pay for items in store.
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