China’s digital yuan gets a major boost. WeChat, the country's largest messaging app and also a popular payment service, will start supporting the Chinese government's CBDC.
WeChat, China's largest messaging app and one of the country's most popular payment services, will start supporting the Chinese government's digital currency.
On Wednesday, Tencent announced that it will begin accepting digital yuan payments via its proprietary mobile wallet WeChat Pay,to a local news report. China has been developing a digital yuan since 2014, and it has yet to be implemented nationwide. If people start paying for goods and services with WeChat, which has more than 1 billion users, it will give it a significant boost.
WeChat's enormous user base and innumerable wrapped services have earned it the moniker of a “mega-app.” Users can useLinghao Bao, an analyst at consultancy firm Trivium China,CNBC, “Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app. So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own.
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