But WeChat and Alipay are also potential competitors to the digital yuan's own app. 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. Previously, users could get the app on an invite-only basis. News that the People’s Bank of China (PBoC) was set to ban the use of WeChat Pay and AliPay for money collection over the weekend shocked many observers who thought that this was the next front in Beijing’s assault on big tech by replacing the mobile payment platforms’ existing payment rails with the eCNY, China’s CBDC.
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That will enable anyone in those areas to download and sign up to use the digital currency. This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. Tencent -owned WeChat, China’s largest messaging app and one of the country’s biggest payment services, will begin supporting the country’s sovereign digital currency. 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.
Commercial banks are the main gateways for the People’s Bank of China to issue the currency, much like the way cash is distributed to consumers. WeChat Pay has over 800 million monthly active users. This week we reported that to date, 113,300 personal digital wallets for the eCNY have been created in trials and 160 million in transactions have been processed.
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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