4/30/2023 0 Comments Jd.com ecny wechat payThe PBoC has dropped hints about third-party interoperability but is still playing its cards close to its chest, this week distancing itself from a timeframe for the launch – despite the launch this month of pilots in at least five major cities. 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. Ant is the fintech affiliate of Alibaba Group Holding, which owns the South China Morning Post. He added that users “with different needs” would probably be able to “choose from a range of different payment methods,” and added that WeChat Pay and AliPay are already widely accepted in China – a fact that many believe will help the digital yuan’s spread and adoption.Īs previously reported, the state-owned China Telecom is widely believed to be cooperating with the central People’s Bank of China (PBoC), along with major state-owned banks and other state-owned telecoms giants.Īnd earlier this month, reported that experts both in China and beyond are expecting the PBoC’s token to work not only in conjunction with a number of Chinese banking apps, but also with WeChat Pay and AliPay – with WeChat operator Tencent and Alibaba (the operator of Alipay) believed to be working behind-the-scenes on the digital yuan. Alipay, which has about 900 million users, activated the payment option last year. Per JRJ, Jiang Wei, the chair of the China Telecom Blockchain and Digital Economy Joint Laboratory, established e-pay solutions like WeChat Pay and AliPay will “likely coexist for a long time” alongside the digital yuan. Meituan and e-commerce app JD.com also accept digital. A China Telecom executive has hinted that the digital yuan and third-party payment apps will likely co-exist in the same financial ecosystem – although he stopped short of saying whether or not the forthcoming central bank-issued token would be interoperable with apps such as WeChat Pay and AliPay. For now, China's pervasive third-party payment apps, Alipay from Ant Group and WeChat Pay owned by Tencent Holdings, both support the e-CNY.
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