Alipay to participate in testing China's CBDC

Monday 10 May 2021 13:53 CET | News

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.

This new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols, as Cointelegraph says. Ant Group owns a majority stake in MYbank, one of the largest internet-only banks in the country.

Ant Group has been collaborating with the PBoC on digital currencies since 2017. China’s central bank is reportedly using the firm’s mobile app development environment to create digital yuan-linked apps.

The PBoC continues to promote the digital yuan's utilisation via a litany of airdrops and lotteries in several cities. These adoption events often target shopping festivals with merchants encouraged to accept the currency as a payment means.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: CBDC, digital currency, central bank, Alipay, PBOC
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech