After the early multi-stage controllable pilot, Tencent began to provide users with e-CNY services. All rights reserved.Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched. Copyright © 2022 South China Morning Post Publishers Ltd. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. Meanwhile, Hong Kong plans to soon roll out a pilot scheme to use the e-CNY in the city, making the special administrative region the first offshore city to use the digital currency outside mainland China, Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, said in February during a regular monthly financial affairs panel meeting of the city's Legislative Council. Robert Greene, a former senior adviser to the US Department of Treasury, published an article last July that said one potential function of the e-CNY was to skirt US financial sanctions. Other recent e-CNY use cases include payment for toll fees at all expressways in southeastern Fujian province and for settling car repair changes in Chongqing in southwest China.Ĭhina's sovereign digital currency roll-out, however, has raised suspicion about Beijing's intent. Other cities such as Shenzhen and Suzhou have been involved with e-CNY promotion since late 2019.Īuthorities in cities designated for e-CNY trials have extended support to the digital yuan by developing new infrastructure to push its wider adoption.Īn industrial estate in a suburb of Hangzhou, capital of eastern Zhejiang province, has teamed up with the Bank of China, one of the e-CNY's major banking partners, to facilitate use of digital yuan for employee wages, parking fees and payment for dining within the site, according to a report by local newspaper Hangzhou Daily on Friday. Trials have already been taking place in Beijing, Shanghai, Chengdu, Xiongan, Hainan, Changsha, Xian, Qingdao and Dalian.
#Some alipay wechat pay ecny 150m trial
The mobile payments platform, part of multipurpose super app WeChat, had about 900 million users at the end of December.Ĭhina will expand the trial of its sovereign digital currency to more cities including Chongqing, Tianjin, Hangzhou and Guangzhou, as potential incentives are drawn up for banks, technology firms and local authorities that take part in the e-CNY roll-out, according to a statement published by the PBOC on April 2. WeChat Pay, operated by Tencent Holdings, last month set up a similar e-CNY wallet function on its app, about three months after it adopted digital yuan as a payment option.
Ant is the fintech affiliate of Alibaba Group Holding, which owns the South China Morning Post.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Alipay, which has about 900 million users, activated the payment option last year. It also said that nearly 6 million digital yuan wallets have been "pushed" to merchants on Alipay's platform, a process that enables a new e-CNY user to initiate that payment option. By opening an account using the same phone number associated with Alipay, users can make purchases with e-CNY on the app.
#Some alipay wechat pay ecny 150m install
China's sovereign digital currency, known as e-CNY, is on track to achieve greater exposure in more cities across the mainland, as leading domestic mobile payments providers Alipay and WeChat Pay install new features to support its wider roll-out.Īlipay, operated by financial technology giant Ant Group, announced on Thursday that its app has added a button that enables users to search for and download the official e-CNY wallet within its platform.
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