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Residents in Suzhou, who won the random lottery, can use the digital currency on the JD app and across some of its offline shops.Ĭompared with other central bank digital currencies, the digital currency developed by the People's Bank of China has a significant feature, which is continually expanding and experimenting with various scenarios related to people's daily life and the development is led by the government, said Shen Jianguang, vice-president and chief economist at JD Digits.īesides, for consumers, the central bank's digital currency can also be used for credit card repayment, buying wealth management products, borrowings and utility payments. Retail giant JD has become the first online platform to accept the PBOC's digital currency. Users can make digital currency payments through offline QR codes, offline peer-to-peer payments based on near-field communication technology, or online payments via e-commerce platforms. On Friday, residents in Suzhou, who won a random lottery, received 100,000 virtual 'red packets' totaling 20 million yuan ($3.06 million) to spend through an official app at designated online and offline merchants.īesides, the PBOC will also test various payment methods during the trials in Jiangsu. If there is no internet connection or the network signal is weak, users don't have to transfer money through the back-end system (which links to the bank accounts).Instead they will have to verify the identity of users, confirm the transaction information and make payment just through the wallet, according to the official promotional material on the digital currency. The offline wallet is a special facility or app installed in mobile phones or other terminal devices.

#Tencent wechat china ecny wechat pay download#

Huawei and some designated Vivo mobile phones will support the offline wallet function, after the users download a special offline payment app, he said, adding that the Jiangsu government and participating institutions will select the offline wallet users. Some users will also be allowed to try out the 'offline wallet' function, the source said. 'A designated group of merchants in the city will be chosen for the offline payment services, which need to be supported by special mobile phones or upgraded point-of-sale terminals.' The People's Bank of China will allow participants in the next phase of its digital currency trials to use them for online purchases and offline payments.Īn anonymous source from its digital currency research body told China Daily that digital yuan terminals would be set up at nearly 10,000 brick-and-mortar stores in Suzhou in East China's Jiangsu province, covering core business centers and large supermarkets. Only merchants that accept e-CNY will be taking payments in the central bank digital currency, according to WeChat’s announcement.The booth of the Digital Currency Institute of the People's Bank of China at an expo in Beijing.

#Tencent wechat china ecny wechat pay update#

Today’s update is an expansion of the e-CNY payments option that WeChat already supports since early last year. Clearly, that sea of microtransactions are potential targets of the digital yuan. In 2022, WeChat mini apps generated several trillion RMB ($1 = RMB6.9) of transaction value, according to Tencent.

It comes with its own payments system, WeChat Pay supports millions of third-party lite apps, making it a rival to the App Store has a short video network that competes with Douyin, TikTok’s Chinese version, for eyeball time and has a host of other features that can easily be standalone apps - but Asia loves super apps. The bank has a designated app for e-CNY that crossed 261 million individual users in early 2022, but it’s also enlisting help from the private sector to take its official digital money to a broader user base.Ĭhina’s biggest messenger WeChat said Wednesday that it’s extended the use of e-CNY payments to transactions happening through its short video and mini-app platforms, which together cover merchants from small influencers to brands touting products on WeChat.įor those unfamiliar with WeChat, the Tencent-owned messenger is a sprawling empire that far exceeds what WhatsApp or Messenger can do.

For the last few years, China’s central bank has been trying to ramp up the adoption of digital yuan, or e-CNY, which forms part of the country’s monetary base, M0.