• Wechat, the Chinese social media platform and instant messenger, has added support for the state-backed digital yuan in its payment app.
• Over a billion users will now be able to take advantage of fast payments with the e-CNY issued by the People’s Bank of China.
• This follows Alipay’s integration of payments with digital yuan back in December 2022.
Wechat Adds Support for Digital Yuan Payments
Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China.
Wechat Pay Follows Alipay
The largest Chinese social network and instant messenger, Wechat, has added China’s central bank digital currency (CBDC) to its payment application, Wechat Pay, with its latest update. More than 1.2 billion users will have access to this feature and be able to make transactions up to 2,000 yuan per transaction (close to $290). There is also a daily limit of 5,000 yuan (a little over $700). The tech giant Tencent Holdings owns Wechat Pay making it second major payment system in China after Alibaba Group’s Alipay platform that integrated the e-CNY wallet back in December 2022.
Promotion Of Digital Currency By Chinese Government
The Chinese government has been actively promoting its digital currency with trials underway across more than two dozen cities and provinces involving more than 5.5 million participating merchants and other businesses. Data released at the end of last year showed that volume of e-CNY payments exceeded 13.5 billion yuan. However, in September there was a call from PBOC for deeper integration of its new currency with e-payment providers as results from trials had been disappointing so far concerning usage and activity levels.
Future Use Cases Planned For The Future
More use cases are planned for the future including direct transactions between Wechat users as well as launch of utility bill payments via widgets connected to e-CNY wallets and other services available on this platform for everyday use by consumers all over China where it is accepted as legal tender by merchants willing to accept it or who are required by law to do so depending on their type of business operations within certain jurisdictions inside this country’s borders..
China’s central bank digital currency is growing increasingly popular among citizens who can now spend it via one more major payment system apart from Alipay while still benefiting from all advantages provided by secure blockchain technology supporting it against any potential fraud or theft attempts during online shopping sessions paid using these funds held in crypto wallets linked directly into user accounts registered on these platforms operated by leading companies like Tencent Holdings or Alibaba Group respectively among many others existing today not just inside but outside PRC too already since late 2020 when first official announcements about plans related launching such innovative projects were made public officially at some international events attended by representatives from both private sector organizations as well central banking authorities operating here which have ultimately managed bring them life successfully despite numerous delays caused pandemic throughout course past 12 months while still maintaining high security standards makes them attractive choice customers paying goods services digitally using smartphones tablets computers laptops etc easily quickly safely conveniently without having worry being scammed money stolen way ensuring same level trustworthiness classic fiat currencies used before era digital ones came existence moreover giving extra layer protection form banks financial institutions involved processing transactions behind scenes thanks distributed ledger blockchain networks underlying those network protocols running smoothly due participation miners validators verifying transactions authenticating transferring between parties involved making sure everything done according law regulations established place ensure safety privacy everyone involved process long run too short span time besides obviously adding lot value lives people all around world bringing closer future we dreamed about much sooner anyone could expect possible at beginning 2021 when revolutionary ideas first emerged minds few ambitious individuals wanting change status quo drastically futuristic visions reality soon enough becoming true life each day passing thanks combined efforts combined forces working together making happen prove once again anything human beings set accomplish nothing impossible achieve eventually despite obstacles difficult challenges posed along way thus proving old adage right doesn’t matter how slow go long reach finish line eventually even if takes forever bit longer expected originally planned schedule original timeline laid down begin journey