Users simply enter their bank card number, name, ID number and the mobile phone number for binding their bank cards in a few easy steps to enjoy the convenience of WeChat Pay. WeChat Pay is already supporting overseas users with mainland bank cards, savings cards and credit cards from up to 128 available banks registered with their passports. The Chinese government has introduced a variety of policies to bring convenience to their daily lives, something which WeChat Pay is committed to helping achieve through quality of life enhancing innovation. However, the inconvenience of not being able to use the widely adopted local mobile payments is becoming a major pain point for overseas people living or visiting mainland China. Currently, there are more than 950,000 foreigners working in China, and the country has cumulatively issued 336,000 overseas talent work permits in 2018. Furthermore, according to the Minister of Science and Technology, China is also attracting talents from around the globe to start innovative new businesses. According to the Ministry of Culture and Tourism, the number of inbound tourists reached 141.2 million in 2018, an increase of 1.2% over the same period of the previous year. In recent years, more and more overseas visitors are travelling to mainland China and some have chosen to stay and work here. These are the Bahamas and Nigeria.WeChat Pay is now collaborating with Visa, Mastercard, American Express, Discover Global Network (including Diners Club) and JCB to enable overseas users to link their credit cards to WeChat Pay and use it for payment transactions and services in China This news comes as the CBDC race continues intensifying, with only two countries managing to roll out digital versions of their currencies. The largest lotteries were in Beijing, Chengdu, and Changsha when the government gave away 40 million RMB in each trial. So far, the government has been gifting red packets containing digital yuan to attract more users. To this end, the government has to find a way to incentivize users to embrace its e-CNY app. Compared to Alipay, e-CNY still has a long way to go. He further disclosed that the CBDC had recorded transactions exceeding 62 $9.7 billion (£7.16 billion) since launch. The platform handled transactions worth $1.02 trillion (£0.75 trillion) by the end of June 2020.Īccording to Mu Changchun, the Head of the Digital Currency Research Institute, around 140 million Chinese citizens had opened a digital yuan account by October 2021. For instance, Alipay had onboarded 1.3 billion users by July 2020. These apps are already popular among the Chinese population. Notably, Ant Group’s Alipay and Tencent Holdings’ WeChat Pay let users top up their accounts, transfer money, and make payments with QR codes or NFC like the e-CNY app. While the Chinese government has achieved significant milestones with its e-CNY initiative, it will face stiff competition from the private sector. Apart from these cities, the app will also be open to people at all venues of this year’s Winter Olympics, which kick off on February 4 in Beijing. These are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian. However, new user registrations are limited to designated Chinese cities already trialling e-CNY. This launch is well-timed, seeing as it comes weeks before the Lunar New Year, where people in mainland China exchange monetary gifts in the form of digital red packets dubbed lai see.Īre you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. While the application was initially downloadable through private links, this marks the first time it is open to the public. #China ecny wechat pay 800m android#At the moment, the app is available in Android and iOS versions.Īccording to the report, the PBoC’s Digital Research Institute developed the wallet. At the end of last year, the digital yuan’s historical transactions reached 87.57 billion yuan (US13.76 billion), according to data from the PBoC a. A report unveiled this news on January 4, noting that the People’s Bank of China (PBoC) rolled out the beta version of the wallet to expand the usage of the digital yuan (e-CNY). E-CNY trials have made progress over the past year, but adoption of the new currency still pales in comparison with the traditional mobile payment market dominated by WeChat Pay and Alipay. China is actively pursuing its plans to launch a central bank digital currency (CBDC), with the latest development being the launch of a digital yuan wallet.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |