WeChat to Support China's Digital Yuan

Published January 6th, 2022 - 12:31 GMT
WeChat to Support China's Digital Yuan
Although China has been working on the digital yuan since 2014, it hasn't been rolled out nationwide yet. (Shutterstock)

China’s largest messaging app and one of the country’s biggest payment services, WeChat, will start supporting the country’s sovereign digital currency, CNBC reported.

With over 1 billion users, Tencent-owned WeChat is expected to provide China's digital yuan (e-CNY) with a huge push if its users start using it as a payment option through its platform.

It's worth noting that WeChat is not more than a messaging app. It provides its users with an umbrella of services such as making payments through WeChat Pay (over 800 million monthly active users), hailing taxis and ordering food.

WeChat Pay users can simply pay for items in store by showing merchants a barcode on their phone which can also be used for online purchases.

Although China has been working on the digital yuan since 2014, it hasn't been rolled out nationwide yet.


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like