News

WeChat Pay announces its support for the digital yuan

Friday 7 January 2022 10:57 CET | News

China-based messaging app WeChat has said it backs the country’s sovereign digital currency.

China has been working on the digital yuan since 2014, and WeChat is often dubbed a ‘super app’, owing to the number of services connected to it, according to finance.yahoo.com. People can use messaging functions and make payments via WeChat Pay, but also hail taxis and order food. The app has more than 800 million active monthly users, and may provide the project with a boost if people start using it for payments.

The People’s Bank of China keeps trying to expand usage of the digital yuan, and has recently launched an e-CNY app for users in several regions and cities in the country. Through this app, anyone in the country will be able to download and register to use the nation’s digital currency.

Another Chinese payment app Alipay, run by Alibaba affiliate Ant Group, also began trialling digital yuan payments last year.






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: WeChat Pay, digital currency, digital payments, mobile payments, Alipay
Categories: Payments & Commerce
Companies: WeChat
Countries: China
This article is part of category

Payments & Commerce

WeChat

|
Discover all the Company news on WeChat and other articles related to WeChat in The Paypers News, Reports, and insights on the payments and fintech industry: