WeChat Pay to support China’s CBDC Pilot Expansion

What

Chinese e-pay platform WeChat Pay is creating a solution to allow its users to make payments using the central bank-issued token CNY

Why

The People’s Bank of China (PBoC) recently expanded the number of cities included in its pilot for the digital CNY to include Guangzhou and other major urban centres

What next

WeChat Pay’s solution will allow users to create digital yuan wallets in their names via the WeChat Pay-run WeBank service – enabling them to make and receive payments in the digital fiat using either the PBoC’s own app or WeChat Pay.

The story

Chinese e-pay platform WeChat is creating a solution to allow its users to make payments using PBoC’s token: the digital CNY.

This news follows the recent expansion of the number of cities included in the PBoC’s pilot for the digital CNY,  including financial hub Guangzhou among other major urban centers.

WeChat Pay’s solution will allow users to create digital yuan wallets in their names via the WeChat Pay-run WeBank service – allowing them to make and receive payments in the digital fiat using either the PBoC’s own app or WeChat Pay.

The collaboration with WeChat is a major milestone for the CNY, as the chat app comprises a vast array of online and digital services and is estimated to account for 15% of China’s entire payments market alongside Alipay.

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