- After Alipay, WeChat is now the second payment platform to implement this feature.
- Users may send digital yuan to one another through WeChat and also pay at stores.
According to reports in local media, China’s central bank digital currency (CBDC) is now accepted as payment on the country’s most popular social networking and payment app, WeChat. The initiative’s stated goal is to increase the digital yuan’s popularity.
After Alipay, WeChat is now the second payment platform to implement the quick payment feature of the digital yuan wallet. The digital yuan may now be used for purchases on certain WeChat mini-apps and other services thanks to this new integration.
Boosting e-CNY Adoption
For instance, WeChat has been added to the list of 94 available merchant platforms on the “Wallet Quick Payment Management” tab of the digital yuan application’s trial version. Certain applications, including the McDonald’s mobile app and the Bills app, now accept digital yuan payments using WeChat Pay.
In order to activate the rapid payment feature of the WeChat payment wallet, users must provide permission to the digital yuan wallet operator to sync their WeChat-bound mobile phone number. When enabled, users may send digital yuan to one another through WeChat and also pay at stores that accept the currency. More plug-ins are on the way, too.
At least 26 provinces and cities in China have participated in pilot programs using the digital yuan, commonly known as the e-CNY. During the 2023 Lunar New Year shopping season, the token enjoyed a rise in transaction volumes on Chinese e-commerce platforms, thanks in part to e-CNY giveaways from the government.
In December 2022, Alipay announced that it will be joining the digital yuan acceptance network, paving the way for customers to utilize digital yuan on all Alipay-supported platforms.