Other cities such as Shenzhen and Suzhou have been involved with e-CNY promotion since late 2019.Īuthorities in cities designated for e-CNY trials have extended support to the digital yuan by developing new infrastructure to push its wider adoption.Īn industrial estate in a suburb of Hangzhou, capital of eastern Zhejiang province, has teamed up with the Bank of China, one of the e-CNY's major banking partners, to facilitate use of digital yuan for employee wages, parking fees and payment for dining within the site, according to a report by local newspaper Hangzhou Daily on Friday. Trials have already been taking place in Beijing, Shanghai, Chengdu, Xiongan, Hainan, Changsha, Xian, Qingdao and Dalian.
#WECHAT PAY CHINACHINA TRIAL#
The digital yuan has been available for use in about 20 mainland cities designated for e-CNY trials.Ĭhina will expand the trial of its sovereign digital currency to more cities including Chongqing, Tianjin, Hangzhou and Guangzhou, as potential incentives are drawn up for banks, technology firms and local authorities that take part in the e-CNY roll-out, according to a statement published by the PBOC on April 2. There were 261 million e-CNY users at the end of 2021, nearly double the number recorded last October, according to the latest data from the PBOC. China became the first major economy to explore its own central bank digital currency in 2014, but the government has yet to provide its timetable for a nationwide launch. That support has helped the People's Bank of China (PBOC) broaden sovereign digital currency adoption ahead of other major central banks, such as the US Federal Reserve and the Bank of Japan. Ant is the fintech affiliate of Alibaba Group Holding, which owns the South China Morning Post.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
Alipay, which has about 900 million users, activated the payment option last year. It also said that nearly 6 million digital yuan wallets have been "pushed" to merchants on Alipay's platform, a process that enables a new e-CNY user to initiate that payment option.
By opening an account using the same phone number associated with Alipay, users can make purchases with e-CNY on the app.
#WECHAT PAY CHINACHINA INSTALL#
China's sovereign digital currency, known as e-CNY, is on track to achieve greater exposure in more cities across the mainland, as leading domestic mobile payments providers Alipay and WeChat Pay install new features to support its wider roll-out.Īlipay, 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.
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