This allows users of Alibaba’s food delivery app ele.me, grocery delivery app Hema Fresh, and e-commerce platforms Taobao and Tmall to pay for orders using the e-CNY even though the digital currency is a direct competitor to Alibaba’s payment platform, Alipay. “China’s sovereign digital currency roll-out, however, has raised suspicion about Beijing’s intent. HK FinTech Week: Chinas eCNY Wallet Registers 140M Users, Rises 6 Times More. In May 2021 it was also announced that the e-CNY would be integrated into Alibaba’s services ecosystem. A sign that the eventual ambition for eCNY is to displace private apps like Alipay and WeChat with a government-backed wallet. The sheer scale of opportunity in China and the scaled rollout of e-CNY may provide a blueprint for other countries who have yet to develop firm plans for central bank supported digital currency, but the move to digital currency could develop regulatory hurdles, especially cross-border. The mobile payments platform, part of multipurpose super app WeChat, had about 900 million users at the end of December.” 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 option. By opening an account using the same phone number associated with Alipay, users can make purchases with e-CNY on the app.
SOME STREETJOURNAL ECNY ALIPAY WECHAT PAY DOWNLOAD
“Alipay, operated by financial technology giant Ant Group, announced on Thursday that its app has added a button that enables users to search for and download the official e-CNY wallet within its platform. (Ant is the fintech affiliate of Alibaba Group Holding, owner of the South China. Coco Feng reports on the expanding e-CNY program in China and new uses with super apps Alipay and WeChat: The discussion started with a recap of changes to the domestic market, including the transaction settlement processions of WeChat Pay and AliPay, as well as the. Alipay, WeChat Pay's main rival owned by Ant Group, has allowed e-CNY payments for eligible users since last year. Pretty quickly, the app became the primary way for friends to send money to. Recent trends in China highlight the convergence of digital currency and super apps in potential public/private partnerships. WeChat Pay saw 16 million red envelopes get sent in the first 24 hours of launch, according to The Wall Street Journal.
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