Alipay set to allow users test China's digital yuan
China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app. Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem.According to a report by China Securities Journal on Monday, this new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols.The news further cements Ant Group’s participation in China’s central bank digital currency project. Indeed, the conglomerate owns a majority....
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Details regarding the digital yuan's characteristics are taking shape. The forthcoming digital yuan will reportedly be compatible with major payment networks within the country. Mu Changchun, the head of the People's Bank of China's digital currency research institute, said that the central bank-backed digital yuan will be compatible with major mobile payment wallets like WeChat Pay and Alipay.According to a report from South China Morning Post, Mu said during a conference that the digital yuan will not compete with WeChat Pay and Alipay:“They don’t belong to the same dimension. WeChat and....
The Chinese government is taking its digital yuan test one step further. Now, 10 million users will be able to test and use the currency after applying to join a whitelist in selected state banks. This new phase of the test aims to detect possible problems in a more broad testing environment. China is preparing its user base and its digital yuan technology to be used in the upcoming 2022 Winter Olympics. Digital Yuan Whitelist Open The government of China is expanding the testing of its CDBC. According to reports from an officer of the People’s Bank of China, it opened a whitelist to....
While WeChat isn't as popular outside of China as WhatsApp, it is ubiquitous on the mainland. WeChat, China's largest messaging app and one of the country's most popular payment services, will start supporting the Chinese government's digital currency.On Jan. 6, 2021, Tencent announced that it will begin accepting digital yuan payments via its proprietary mobile wallet WeChat Pay, according to a local news report. China has been developing a digital yuan since 2014, and it has yet to be implemented nationwide. If people start paying for goods and services with WeChat, which has more than 1....
China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....
Leading Chinese banks are promoting the digital yuan over Alipay and WeChat Pay for an upcoming shopping festival in China. Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay.In an April 26 report, Reuters revealed that six of China’s largest banks are promoting China’s nascent central bank-issued digital currency, or CBDC, in Shanghai ahead of an online shopping festival on May 5.The banks are urging retail outlets and consumers to download the digital wallet and....