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Wechat china ecny wechat pay 800m4/30/2023 ![]() ![]() There’s no reliable information yet on how the government’s reforms will affect the crypto industry in China, whether a separate regulator will be created for the crypto market, and whether the ban on digital assets will be lifted. According to Reuters, the authorities plan to create a new body of financial supervision in the sweeping reform. The Chinese government intends to abolish the China Banking and Insurance Regulatory Commission (CBIRC), the country’s main financial supervisory body. Recall that the Chinese government calls to use all available propaganda tools to increase the popularity of the e-CNY, whose balance was ~0.13% of all money in circulation in the country in 2022. Therefore, the integration of payments in the e-CNY will contribute to the popularization of the state digital currency. This accounts for about 48% of the country’s population. Dongxing Securities reported that the number of active WeChat users in China exceeded 950 million monthly users in 2022. To do so, users need to connect the e-CNY digital wallet via the app interface and sign in using a cell phone number linked to WeChat.Īccording to Linghao Bao, Analyst at consulting firm Trivium China, Chinese consumers are actively using the WeChat payment service for everyday purchases. Users can pay for goods and services of WeChat’s mini-programs and 94 other trading platform partners. WeChat app now supports fast payment in the digital yuan through a CBDC wallet. Leading Chinese social network WeChat added the e-CNY as a means of payment in its payment service. The digital yuan (e-CNY) was included in the list of payment means of the social platform WeChat to increase the popularity of China’s central bank digital currency (CBDC). ![]() He expressed dissatisfaction about the progress made two years after launch, citing e-CNY’s limited turnover to just a few billion dollars.WeChat Opens Access to e-CNY to Half of China’s Population However, the growth figure was relatively modest when compared to the virtual currency’s transaction volume for the entirety of 2021, which reached 87.6 billion yuan ($13 billion).Įven though the e-CNY is now the most widely adopted CBDC in the world, the transaction volume grew by only 14 percent from a year earlier.Ī former official of China’s central bank described the usage volume of e-CNY as a drop in the bucket compared with transactions conducted through the country’s dominant mobile payment systems. However, officials say that the main purpose of the pilot program for the time being is to build confidence in the digital yuan’s reliability and ease of use.Ĭhina had more than 360 million e-CNY transactions, with a total volume topping 100 billion yuan ($14 billion) as of October, People Bank of China (PBoC) said on its official WeChat.Ī total of 5.6 million commercial outlets across the country now accept digital yuan as a payment option. In order to pay with digital yuan until now, users needed to activate the channel each time as it was not connected with merchant sites.Ĭurrently, the e-CNY is being tested in 23 cities and regions in 15 provinces and provincial-level cities. WeChat Pay’s adoption of the Chinese token as an express payment option follows the addition of an e-CNY channel on the app. Users can pay for orders on WeChat’s mini-programs and platforms like food delivery sites and grocery stores using the digital yuan, aka e-CNY.Īfter enabling the feature via the official e-CNY app, Alipay, the popular digital wallet run by Ant Group, was the first to introduce the country’s central bank digital currency (CBDC) to its payment services. The red packet feature is a function made popular over the years by the country’s dominant payments app Alipay and WeChat Pay. WeChat Pay, which counts more than 1 billion monthly active users, now facilitates the “express payments” function of the digital yuan wallet. China’s sovereign digital currency has been embedded into WeChat, China’s leading social networking and payment app, in a fresh move to lure new users. ![]()
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