Wechat introduces support for payments in China’s digitalyuan.
Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China.The largest Chinese social network and instant messenger, Wechat, has added China’s central bank digital currency to its payment application, Wechat Pay, with its latest update, the local news outlet The Paper reported.
More than 1.2 billion users will have access to the new feature and be able to spend digital yuan to pay for goods, services, and utility bills in some widgets with more use cases planned for the future, including the launch of direct transactions between Wechat users. About 750 million people use Wechat Pay daily. According to a report by Global Times, e-CNY payments are currently restricted to 2,000 yuan per transaction and there’s a daily limit of 5,000 yuan .
Owned by the Chinese tech giant Tencent Holdings, Wechat Pay becomes the second major payment system in China to introduce support for the digital yuan after Alibaba Group’s Alipay platform integrated the e-CNY wallet in December, 2022. The Chinese government has been actively promoting its digital currency with trials underway in over two dozen cities and provinces and more than 5.5 million participating merchants and other businesses. Data released at the end of last year showed the volume of e-CNY payments exceeding 13.5 billion yuan.
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